LONDON (Reuters) -Oil rose on Friday and was on track for a second straight annual gain in a volatile year marked by tight supplies because of the Ukraine war and weakening demand from the world's top crude importer, China.

BEIJING (Reuters) -China will step up financial support to small and private businesses in the catering and tourism sectors that were hit hard by the COVID-19 epidemic, the country's banking and insurance regulator said in a statement on Tuesday.

Oil prices edged up on Friday and were on track to post a second straight annual gain, albeit a meagre one, in a year marked by tight supplies due to the Ukraine conflict, a strong dollar and weak demand from the world's top crude importer China.

Weather-related flight cancellations and delays that snarled U.S. commercial air traffic over the holiday weekend dragged on through Monday, with Southwest Airlines accounting for the bulk of the lingering disruptions a day after Christmas.

South Korea's consumer prices in December rose 5.0% from a year earlier, official data showed on Friday, matching market expectations and the pace seen in November.

U.S. retail sales rose 7.6% between Nov. 1 and Dec. 24, which encompasses a majority of the holiday season, as steep discounts lured deal-hungry consumers, a Mastercard report showed on Monday.