Oil slips as Kazakh supply concerns ease, EU at odds on Russia embargo | Reuters

Oil slips as Kazakh supply concerns ease, EU at odds on Russia embargo | Reuters

Oil prices slipped on Friday after exports from Kazakhstan's CPC crude terminal partially resumed and after the EU held off on imposing an embargo on Russian energy after members remained split on the issue.

Brent crude fell $2.04, or 1.7%, to $116.99 a barrel at 1413 GMT and U.S. West Texas Intermediate (WTI) crude slipped $1.99, or 1.8%, to $110.35 after both had dropped more than 2% the previous session.

Despite the falls, both benchmarks were heading for their first weekly gains in three weeks. Brent was on track for an 8% jump and WTI for a 6% rise as broader supply concerns sparked by Russia's invasion of Ukraine underpinned the market.

Concerns were heightened after the Caspian Pipeline Consortium (CPC) terminal on Russia's Black Sea coast stopped exports on Wednesday after being damaged by a storm.