The two contracts yielded 2% in the previous session.
Despite recent declines, both benchmarks are headed for their first weekly gain in three weeks. Brent was on track for a 9% jump and WTI for a 6% advance as supply concerns remain a top issue for investors, given the war in Ukraine that has triggered tough sanctions against Russia. .
The concern intensified this week when the Caspian Pipeline Consortium (CPC) terminal on Russia’s Black Sea coast halted exports after being damaged in a storm.
The terminal partially resumed oil loadings on Friday, according to two sources familiar with the process and Eikon shipment data from Refinitiv.
The United States and Britain, both less dependent on Russian oil than the European Union, have imposed bans on Russian hydrocarbons. The EU, which is heavily dependent on Russian oil and gas, faces a major dilemma over whether to impose sanctions on the sector.
“As the single largest buyer of Russian oil, the faster Europe seeks to reduce imports from Russia, the more global oil prices will rise.JP Morgan analysts said in a note sent to clients.
OPEC sources said officials at the producer group believe a potential EU ban on Russian crude would hurt consumers. The bloc reportedly conveyed this fear to EU leaders meeting in Brussels.
Source: Ambito
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