Crude oil falls 9% in past week but gas prices up as cold weather sets in  

Prices of European gas for delivery in January rose 4% on Friday as the cold weather set in

Europe's first cold spell heading into the depths of winter is testing the resolve of countries to continue limiting gas use after they comfortably exceeded an EU reduction target, analysis of consumption data shows. Picture: Denis Minihane

Oil prices lost about 9% in the past week on global recession fears, while European wholesale gas prices have risen as the extended cold snap moves in across the continent. 

Energy prices are closely watched on hopes the outlook for inflation that has ravaged world economies since Russia invaded Ukraine in February will ease in the coming months.