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Oil prices settled up by over $2 per barrel on signs of tighter supply, a weaker dollar and optimism over a Chinese demand recovery.

The Indian government will stop its electric vehicle subsidy scheme for companies against which complaints have been received.

India is investigating the possible misappropriation of incentives given to EV makers under a Rs. 10,000 crore programme to promote their faster adoption.

EU leaders agreed on Thursday to a ninth package of sanctions but talks were acrimonious, with Poland and the Baltic states that neighbour Russia campaigning for tougher measures, while states further west, such as Germany, were more hesitant.

China, the world's top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but said it plans to step up support for the economy in 2023.

The selling spilled over into commodities markets, where oil prices dropped over $2 per barrel. Gold prices faced their biggest weekly loss in four weeks after the Federal Reserve indicated it was not done hiking rates.

After rising for three straight days, Brent futures fell $1.49, or 1.8%, to settle at $81.21 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.17, or 1.5%, to settle at $76.11.

Brent crude futures settled up $2.02, or 2.4%, to $82.70 per barrel, while U.S. West Texas Intermediate (WTI) crude futures settled up $1.94 to $77.28.