Oil prices settled higher on Friday but posted a second straight weekly loss after a volatile trading week with no easy replacement for Russian barrels in an already tight market. Brent crude futures settled up $1.29, or 1.2 percent, to $107.93 a barrel a day after surging nearly nine percent in the biggest daily percentage gain since mid-2020. US West Texas Intermediate crude futures settled up $1.72, or 1.7 percent, at $104.70 a barrel, adding to the previous session’s eight percent jump. Both benchmark contracts ended the week down around four percent after trading in a $16 range. Prices hit 14-year highs nearly two weeks ago, encouraging bouts of profit-taking since then. Saudi Aramco sees healthy demand growth, profit surges 124 percent Saudi Aramco Chief Executive Amin Nasser said on Sunday that global oil demand was seeing healthy growth as economies recover from the COVID-19 pandemic while tight global spare capacity was declining. “Global spare capacity is around 2 million barrels per day, which is not significant enough to deal with these geopolitical events and what is happening in the market,” Nasser said in a media call after the company announced its annual results. Saudi Aramco’s profit had surged 124 percent in 2021, more than the average of analysts" expectations. France considering energy sanctions against Russia? Sanctions against Russia over its war in Ukraine are hurting its economy and President Vladimir Putin, France’s finance minister said on Sunday, adding that banning Russian oil and gas imports into the European Union remained an option for Paris. “They’re hurting the Russian state and they’re hurting Vladimir Putin,” Bruno Le Maire told LCI television in an interview. Le Maire said: “Should we in the immediate stop buying Russian oil, should a little bit further down the line we stop importing Russian gas? The president has never ruled out these options.” Baker Hughes suspends new investments in Russia Baker Hughes, one of the world"s largest oil field services companies has announced the suspension of new investments in Russia, a company statement said. The energy technology firm took the decision following the Russian invasion of Ukraine. "The crisis in Ukraine is of grave concern and we strongly support a diplomatic solution. We condemn violence and our hearts go out to the people and families of those impacted,” said Lorenzo Simonelli, chairman & CEO of Baker Hughes. He added, "We have been continuously monitoring the situation, and today’s announcement follows an internal decision made with our Board of Directors and communicated to our leadership team earlier this week." However, Baker Hughes will fulfill its current contractual obligations in Russia. India’s oil imports from the US to rise India’s oil imports from the US will rise by 11 percent this year, officials said on Saturday, as the energy-deficient country aimed to secure supplies from producers around the world, including heavily sanctioned Russia. The surge in oil prices following Russia’s invasion of Ukraine last month threatened to fan Indian inflation, stretch public finances and hurt growth just when it emerged from a pandemic-induced slowdown. New Delhi faced criticism from the West for its long-standing political and security ties with Moscow, with some saying that engaging in business with Russia will help fund its war. India has urged an end to the violence in Ukraine but abstained from voting against Russia. India purchased most of its oil from the Middle East, but the US has emerged as the fourth-biggest source, and this year supplies will rise substantially, a government official briefed on the matter told Reuters. Iraq supplies 23 percent of India’s oil, followed by Saudi Arabia at 18 percent and the UAE at 11 percent. The US share of the Indian market will rise to eight percent this year, said the official, who spoke on condition of anonymity in line with government policy. Wall Street closes higher after Biden-Xi talks end On Friday, Wall Street’s three major indexes closed higher with the biggest boost from recently battered technology stocks after talks between US President Joe Biden and Chinese President Xi Jinping over the Ukraine crisis ended without big surprises. Investors were also relieved by slowing gains in oil prices. They continued to digest the Federal Reserve’s Wednesday interest rate increase and its aggressive plan for further hikes to combat soaring inflation. Biden warned Xi during a call that there would be “consequences” if Beijing gave material support to Russia’s invasion of Ukraine, the White House said. Both sides stressed the need for a diplomatic solution to the crisis. While Xi called on NATO nations to hold a dialogue with Moscow, he did not assign blame to Russia for the invasion. Iran aiming 1.4m bpd crude exports On Saturday, in televised remarks, Iranian Oil Minister Javad Owji said that he would try to raise Iran’s oil and condensates exports to 1.4 million barrels per day as set out in an annual state budget. “In parliament, lawmakers decided to raise the ceiling of oil exports and condensates from 1.2 million barrels per day to 1.4 million barrels. The Oil Ministry will do everything in its power to realize the level set in the budget,” Owji told state television. Owji said his ministry planned to raise the production capacity of crude and condensates to 5.7 million bpd from about 3.7-4 million bpd, without giving a timeframe. (With Reuters)