Oil slips with some concerns easing over Kazakh supplies | Reuters

Oil slips with some concerns easing over Kazakh supplies | Reuters

Oil prices slipped on Friday, with some supply concerns easing on expectations that crude exports would resume from Kazakhstan's CPC terminal, while the European Union remained split on whether to impose an oil embargo on Russia.

Brent fell $1.56, or 1.3%, to $117.47 a barrel at 0800 GMT and U.S. West Texas Intermediate (WTI) crude slid $1.56, or 1.4%, to $110.78 a barrel, after both had dropped more than 2% the previous session.

Despite the fall, both benchmarks were headed for their first weekly gain in three weeks. Brent was on track for a 9% jump and WTI on course for a 6% rise, as broader supply concerns sparked by Russia's invasion of Ukraine underpinned the market.

The United States and Britain, both less reliant than the EU on Russian oil, have imposed bans on Russian crude. The EU, which is heavily dependent on Russian oil and gas, faces a bigger dilemma over whether to impose sanctions on the sector.