Reuters-By Laura Sanicola
March 18 (Reuters) – Oil prices edged higher on Friday, still above $100 a barrel, but were set for a second straight weekly loss, after a volatile trading week with no easy replacement for Russian barrels in a tight market.
Brent crude futures rose 38 cents, or 0.7%, to $107.02 a barrel by 12:05 p.m. EST (1505 GMT), a day after surging nearly 9% in the biggest daily percentage gain since mid-2020.
U.S. West Texas Intermediate (WTI) crude futures were up 77 cents, or 0.8%, at $103.75 a barrel, adding to the previous session’s 8% jump.
Russia said an agreement had yet to be reached after a fourth day of talks with Ukraine. Some signs of progress had emerged earlier in the week. read more
“Prior expectations for a Ukraine/Russian cease fire or agreement have faded as Russian military assault on key cities continues in suggesting additional financial sanctions against Russia,” said Jim Ritterbusch, president of Ritterbuch and Associates LLC in Galena, Illinois.
The volatility has scared some investors out of the oil market, which could exacerbate price swings. read more
Consultancy FGE said on-land product stocks at key countries are 39.9 million barrels lower for this time of the year relative to the 2017-2019 average.
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