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Oil jumps on lack of progress in Russia-Ukraine talks

18 March 2022 07:46 (UTC +04:00)

Oil prices extended their rally on Friday at the end of a third volatile week of trade as there was slim progress in peace talks between Russia and Ukraine, raising the spectre of tighter sanctions and a prolonged disruption to oil supply.

Brent crude futures jumped $2.43, or 2.3%, to $109.07 a barrel at 0141 GMT, after surging nearly 9% on Thursday in the largest percentage gain since mid-2020.

U.S. West Texas Intermediate (WTI) crude futures climbed $2.75, or 2.7%, to $105.73 a barrel, adding to an 8% jump on Thursday.

Despite the rebound, both benchmark contracts were set to end the week down about 4%, after having traded in a $16 range. Prices have dropped from 14-year highs hit nearly two weeks ago.