Oil gains as Russia-Ukraine talks stall | Reuters

Oil gains 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 of tighter sanctions and a prolonged disruption to oil supply.

Despite battleground setbacks and punitive sanctions by the West, Russian President Vladimir Putin has shown little sign of relenting. A fourth day of talks between Russian and Ukrainian negotiators took place by videolink, but the Kremlin said an agreement had yet to be reached. read more

Brent crude futures rose 82 cents, or 0.8%, to $107.46 a barrel at 0742 GMT, after surging nearly 9% on Thursday in the largest percentage gain since mid-2020.

U.S. West Texas Intermediate (WTI) crude futures climbed $1.14, or 1.1%, to $104.12 a barrel, adding to an 8% jump on Thursday.

Despite the rebound, 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.