Oil prices rose at the close but posted their biggest weekly decline since November as traders assess potential improvements in the outlook for supplies hampered by Russia’s invasion of Ukraine.
Crude oil prices have risen since the invasion, which Moscow described as a “special military operation”. This week, futures rose to their highest level since 2008 and then fell sharply following some producing countries indicated that they might increase supply.
Concerns regarding supplies have grown following talks to revive the 2015 Iran nuclear deal risked unraveling following a last-minute Russian request forced world powers to halt negotiations.
Brent crude futures rose $3.34, or 3.1 percent, to settle at $112.67 a barrel, following hitting its lowest level during the session at $107.13.
US West Texas Intermediate crude futures rose $3.31, or 3.1 percent, to settle at $109.33 a barrel.
