Oil prices edged higher on Friday, still above $100 a barrel, but were set for a second straight weekly loss, after a volatile trading week with no easy replacement for Russian barrels in a tight market.
Brent crude futures rose $0.38, or 0.7%, to $107.02 a barrel by 12:05 PM EST (1505 GMT), a day after surging nearly 9% in the biggest daily percentage gain since mid-2020.
US WTI crude futures were up $0.77, or 0.8%, at $103.75 a barrel, adding to the previous session’s 8% jump.
Both benchmark contracts were set to end the week down around 6%, after trading in a $16 range. Prices hit 14-year highs nearly two weeks ago, encouraging bouts of profit taking since then.
Russia said an agreement had yet to be reached after a fourth day of talks with Ukraine.
Published in The Express Tribune, March 19th, 2022.