Oil continues rally as Russia-Ukraine talks stall | Reuters
Oil prices extended their gains on Friday at the end of a third volatile week of trade after slim progress in peace talks between Russia and Ukraine raised the spectre prolonged disruption to oil supply.
Brent crude futures rose $1.14, or 1%, to $107.78 a barrel at 1003 GMT, after surging nearly 9% on Thursday in the largest percentage gain since mid-2020.
U.S. West Texas Intermediate (WTI) crude futures climbed $1.24, or 1.2%, to $104.22 a barrel, adding to an 8% jump on Thursday.
Both benchmark contracts were set to end the week down more than 4%, after having traded in a $16 range. Prices have dropped from 14-year highs hit nearly two weeks ago.
The supply crunch from traders avoiding Russian barrels, stuttering nuclear talks with Iran, dwindling oil stockpiles and worries about a surge of COVID-19 cases in China hitting demand have combined to produce a rollercoaster ride for crude this week.
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