Oil price rises, but heads for weekly loss on talks to unlock offer

The oil prices They rose on Friday on continued concerns over Russia’s oil and energy supply problems, but were headed for their biggest weekly drop since November after several days of high volatility.

Oil prices soared after Russia invaded Ukraine and hit their highest since 2008, but have pulled back a bit this week on hopes some producing countries may increase supply.

However, fears of an escalation of Russian oil bans persist and were back in the spotlight on Friday.

Brent crude futures were up $2.86, or 2.6%, at $112.19 a barrel by 10:16 GMT. US West Texas Intermediate (WTI) crude futures were up $2.71, or 2.6%, at $108.73 a barrel.

Brent was headed for a weekly drop of 5.4%, after hitting $139.13 on Monday. The US barrel, meanwhile, could close down nearly 6.2% after hitting a high of $130.50 on Monday.

The last time both contracts had reached these highs was in 2008.

Last week Brent rose more than 20%, its biggest weekly percentage rise since May 2020, when Brent traded below $30 a barrel.

With information from Reuters

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