Oil prices set to end week stable as investors mull path to Ukraine ceasefire
Oil prices edged higher on Friday after a more than 1% loss in the previous session, as investors weighed the diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies to Western markets.
Brent crude futures were up 36 cents, or 0.52%, to $70.24 a barrel at 11:30 a.m. EDT (1530 GMT), after settling 1.5% lower in the previous session. U.S. West Texas Intermediate crude was at $66.94 a barrel, up 39 cents, or 0.59%, after closing down 1.7% on Thursday.
Prices are set to end the week more or less stable from last Friday, when Brent settled at $70.36 and WTI at $67.04.
"Brent oil has hovered around the $70 mark for the past two weeks. Whether it will remain at this level in the coming week depends on the political news situation," Commerzbank (ETR:CBKG) analysts said in a note.
Russian President Vladimir Putin said on Thursday that Moscow supported a U.S. proposal for a ceasefire in Ukraine in principle, but sought a number of clarifications and conditions that appeared to rule out a quick end to the fighting.
Raising pressure on Putin to come to a peace agreement, the Trump administration said on Thursday that a licence allowing energy transactions with Russian financial institutions expired this week.
Source : Reuters
