Oil Updates — Crude steady; OPEC authorizes Iraq to increase output to 4.5m bpd;  Kurdish forces seize oil wells

RIYADH: Oil prices rose about 4 percent on Friday as US gasoline prices jumped to a record high, China looked ready to ease pandemic restrictions and investors worried supplies will tighten if the EU bans Russian oil. Brent futures rose $4.10, or 3.8 percent, to settle at $111.55 a barrel. US West Texas Intermediate (WTI) crude rose $4.36, or 4.1 percent, to settle at $110.49.

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