US West Texas Intermediate (WTI) crude futures were up 8 cents, or 0.1%, to $103.06 a barrel, contributing to an 8% jump on Thursday.

The price of oil was set for a second consecutive weekly loss, but found a bottom above $100 a barrel on Friday following volatile trading this week, with no easy replacement for Russian barrels in sight in a market already marked by supply shortage.

Brent crude futures fell 29 cents, or 0.3%, to $106.35 a barrel at 1245 GMT, after rising nearly 9% on Thursday in the largest percentage increase since mid-2020.
US West Texas Intermediate (WTI) crude futures were up 8 cents, or 0.1%, to $103.06 a barrel, contributing to an 8% jump on Thursday.

Both benchmark contracts are said to fall more than 5% for the week after trading in a range of $16. Prices hit a 14-year high almost two weeks ago, encouraging an encouraging period of profit-taking since then.

Supply shortages from traders shunning Russian barrels, stuttering nuclear talks with Iran, dwindling oil supplies and worries about a wave of COVID-19 cases in China hitting demand have all combined to create a rollercoaster ride for crude prices.

The volatility has scared players out of the oil market, which in turn is likely to exacerbate price swings.

Russia said no agreement had yet been reached after a fourth day of talks with Ukraine, where some signs of progress had emerged earlier in the week.
“President Putin seems unwilling to end hostilities. This should ensure that the energy complex remains well-supported with ample room for further volatility,” said PVM oil market analyst Stephen Brennock.

He also said rising U.S. interest rates pointed to a stronger U.S. economy, which could support oil demand, after the Federal Reserve raised interest rates for the first time since 2018 on Wednesday and launched an aggressive plan to push borrowing costs to restrictive levels next year. to bring. †

Meanwhile, the OPEC+ producer group’s output in February fell short of targets even more than in the previous month, sources said, while the International Energy Agency said oil markets could lose three million barrels a day of Russian oil from April.

Consultancy FGE said onshore inventories in key countries are 39.9 million barrels lower for this time of year compared to the 2017-2019 average.

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