Oil settles up but posts second consecutive weekly decline

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria. - Reuters

SINGAPORE, March 20 (Reuters): Oil prices settled higher at the end of the week, but posted a second straight weekly loss, after a volatile trading week with no easy replacement for Russian barrels in a tight market.

Brent crude futures settled up $1.29, or 1.2%, to $107.93 a barrel, a day after surging nearly 9% in the biggest daily percentage gain since mid-2020.