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Oil prices climbed Thursday, bouncing after a recent selloff, on optimism of a boost in demand from China as well as signs the G7 price cap is resulting in delays to Russian crude exports.

Turkey’s maritime authority said on Thursday it would continue to block the passage of oil tankers that don’t carry appropriate insurance letters, adding that insurance checks on ships in its waters were a “routine procedure”.

Oil price settled lower in volatile trading on Friday, with both benchmarks recording their biggest weekly declines in months, as growing recession fears negated any supply woes after weak economic data...