Oil settles up but posts second consecutive weekly decline | Reuters

Oil settles up but posts second consecutive weekly decline | Reuters

Oil prices settled higher on Friday, but posted a second straight weekly loss, after a volatile trading week with no easy replacement for Russian barrels in a tight market.

Brent crude futures settled up $1.29, or 1.2%, to $107.93 a barrel, a day after surging nearly 9% in the biggest daily percentage gain since mid-2020.

U.S. West Texas Intermediate (WTI) crude futures settled up $1.72, or 1.7%, at $104.70 a barrel, adding to the previous session's 8% jump.

Both benchmark contracts ended the week down around 4%, 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. Some signs of progress had emerged earlier in the week. read more