Oil adds to gains on lack of progress in Russia-Ukraine talks
It marks the third volatile week of trade as there was slim progress in peace talks between Russia and Ukraine.
This volatility is raising concerns about a prolonged disruption to oil supply, according to Reuters.
FILE PHOTO: Pump Jacks are seen at sunrise near Bakersfield, California. ( REUTERS/Lucy Nicholson/File Photo / Reuters Photos)
U.S. West Texas Intermediate (WTI) crude futures climbed $2.96, or 2.9%, to $106.00 a barrel, adding to an 8% jump on Thursday.
Brent crude futures jumped $2.77, or 2.6%, to $109.41 a barrel, after surging nearly 9% on Thursday in the largest percentage gain since mid-2020.https://flo.uri.sh/visualisation/8927714/embed
Even with the rebound, both benchmark prices were set to end the week down about 4%. Prices have dropped from 14-year highs hit nearly two weeks ago.
Prices have been on a rollercoaster ride due to the supply crunch from sanctions on Russia, stuttering nuclear talks with Iran, dwindling oil stockpiles and worries about a surge of COVID-19 cases in China, according to Reuters.