Oil prices extend gains for fourth sessions

Oil prices climbed for a fourth day in a row on Friday as concerns over Russian supply disruption outweighed COVID-19 lockdowns in China.

Brent crude prices soared $0.88, or 0.8%, to $108.47 a barrel by 0639 GMT after gaining 2.1% in the previous session.

U.S. West Texas Intermediate (WTI) crude surged $0.55, or 0.5%, to $105.91 after advancing by 3.3% on Thursday.

Both contracts are set to finish the week higher and record their fifth straight monthly gains, buoyed by the increased likelihood that Germany will join other European Union countries in an embargo on Russian oil.