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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.

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.

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.

India's oil imports from Russia rose for the fifth straight month, totaling 908,000 barrels per day (bpd) in November, up 4% from October, the data showed.

The market was also buoyed by concerns about supply disruptions, including the ongoing shutdown of the Canada-to-United States Keystone crude pipeline following a massive leak last week.