As expectations of an impending peace agreement between Russia and Ukraine waned, oil prices remained steady on Friday, setting them up for their first weekly increase in three weeks. By 11:15 a.m. Saudi time, Brent crude futures were up 8 cents, or 0.1 percent, at $67.75 a barrel. Crude futures for West Texas Intermediate up 12 cents, or 0.2 percent, to $63.64.
In the previous session, both contracts had gains of over 1 percent. WTI is up 1.4 percent so far this week, while Brent has increased 2.8 percent.
Everyone is anticipating President Trump’s next move,” Giovanni Staunovo, a commodity analyst at UBS, stated. “It appears that nothing will happen in the upcoming days.”
Russia launched an airstrike Thursday close to Ukraine’s EU border, targeting a Russian oil refinery and the Unecha oil pumping station, a vital component of Russia’s Druzhba oil pipeline that travels to Europe. The three-and-a-half-year conflict has continued unabatedly all week.
In an attempt to mediate a peace agreement for Ukraine, Trump is attempting to set up a summit between Russian President Vladimir Putin and his Ukrainian counterpart, Volodymyr Zelensky.
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