UK shares rose on Friday as energy giants took an early lead supported by higher oil prices, but the stock market was set for a weekly decline.

The blue-chip FTSE 100 gained 0.3% by 0824 GMT, but the index was set to post about 1% drop for the week.

Energy majors Shell and BP were amongst early gainers, rising 0.8% and 1.2% respectively, as oil prices extended gains for a second session, with the prospect of lower exports from Russia offsetting concerns over rising inventories in the United States.

The broader oil and gas sector rose 1.0%.

The more domestically-inclined FTSE 250 midcap index rose 0.1%, as shares of asset manager Jupiter Fund Management surged 9.6% after its full-year results.

Cineworld Group cratered 39.4% after the world's second-biggest cinema chain operator said shareholders' equity might be wiped out by its plans to exit from Chapter 11 bankruptcy protection after failing to find a buyer for the whole business. (Reporting by Shashwat Chauhan in Bengaluru; Editing by Rashmi Aich)