Brent crude futures were up $1.14, or 1%, at $107.78 a barrel, having gained almost 9% on Thursday in the biggest percentage gain since mid-2020.
US West Texas Intermediate (WTI) crude futures were up $1.24, or 1.2%, at $104.22 a barrel, adding to Thursday’s 8% gain.
The tightening of supply by traders avoiding Russian crude, the stalling of nuclear talks with Iran, declining stockpiles, and concerns about rising COVID-19 cases in China, which is affecting demand have combined to produce a rollercoaster ride for crude this week.
The volatility has scared traders away from the oil market, which in turn is likely to exacerbate price swings.
Despite setbacks on the battlefield and Western sanctions, Russian President Vladimir Putin has shown no signs of letting up. The Kremlin said no agreement had yet been reached after a fourth day of talks with Ukraine.
“President Putin appears unwilling to end hostilities. This should ensure the energy complex remains well supported, with ample room for further volatility,” PVM oil market analyst Stephen Brennock said.
He added that rising interest rates in the United States pointed to a stronger economy, which could support oil demand.
Source: Ambito
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