Oil prices closed higher, in the trading session on Friday, but recorded their second consecutive weekly loss after a volatile trading week, amid difficulty in finding an alternative to Russian oil in Market suffers from shortages.
Brent crude futures closed up $1.29, or 1.2%, to $107.93 a barrel, a day after rising about 9% in the biggest daily percentage gain since mid-2020.
US West Texas Intermediate crude futures closed up $1.72, or 1.7%, at $104.70 a barrel, adding to a jump of 8% in the previous session.
and finished Both standard contracts The week, down by about 4%, after prices moved in trading within the $ 16 range, according to Archyde.com.
Prices reached their highest level in 14 years nearly two weeks ago, prompting waves of profit-taking since then.
After a fourth day of talks with Ukraine, Russia said no agreement had yet been reached. There were some signs of progress earlier in the week.
“Previous expectations of a Ukraine-Russia ceasefire or agreement are fading as the Russian military offensive on major cities continues, suggesting further financial sanctions against Russia,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.