Oil prices remain over $100 | The Express Tribune


LONDON:

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.

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