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Oil prices continue to rise as talks between Russia and Ukraine slow
Oil prices extended gains on Friday, March 18, at the end of a volatile third week, after slow progress in peace talks between Russia and Ukraine raised fears of a prolonged crude supply disruption.
Brent crude futures rose $1.14, or 1%, to $107.78 a barrel, after rising nearly 9% yesterday, Thursday, in the biggest percentage increase since mid-2020.
West Texas Intermediate crude futures rose $1.24, or 1.2 percent, to $104.22 a barrel, after a 8% jump on Thursday.
The two benchmark contracts are heading towards ending the week with a decline of more than four percent, after they were traded in the $16 range. Prices have fallen from a 14-year high reached about two weeks ago.
The volatility over the week came from a supply shortage caused by sanctions against Russia, stalled nuclear talks with Iran, dwindling oil stocks and fears that demand will be affected by the increase in coronavirus cases in China.
