Al-Marsad newspaper – agencies: Oil prices continued to rise on Friday at the end of a volatile third week, with little progress in peace talks between Russia and Ukraine, raising fears of tightening sanctions and a prolonged oil supply disruption.
Russian President Vladimir Putin, in a stern speech on Thursday, denounced “traitors and scum” at home who helped the West and said the Russian people would spit on them like mosquitos, adding to market tension over prolonging the conflict.
Brent crude futures jumped $2.43, or 2.3 percent, to $109.07 a barrel by 0141 GMT, following rising nearly 9 percent on Thursday, the largest percentage increase since mid-2020.
US West Texas Intermediate crude futures rose $2.75, or 2.7 percent, to $105.73 a barrel, following an eight percent jump yesterday.
But despite the recovery, the two benchmark contracts are heading towards ending the week down by regarding four percent.
Prices have fallen from a 14-year high reached nearly two weeks ago.
“I still expect more volatility. There is still a lot of uncertainty,” said Justin Smirk, chief economist at Westpac in Sydney.
The volatility over the week was led by a supply shortage caused by sanctions once morest Russia, stalled nuclear talks with Iran, dwindling oil inventories and fears that demand would be hit by an increase in coronavirus cases in China.
Analysts said Putin’s speech, comments by a Kremlin spokesman saying that a report indicating significant progress in peace talks was incorrect, and US President Joe Biden calling his Russian counterpart Putin a “war criminal”, all led to a wave of buying on Thursday.
