LONDON—Oil gave up early gains on Friday and was on track for a second weekly decline, pressured by concern about weakening demand in China and further interest rate rises by the U.S. Federal Reserve.
China has seen a rise in COVID-19 cases, while hopes for the moderation of aggressive U.S. rate hikes have been dented by remarks from some Fed officials this week.
“As things stand, bullish price drivers are in short supply,” Stephen Brennock of oil broker PVM said. “Yet with the EU embargo on Russian crude less than three weeks away, oil prices could still end the year with a bang.”…