By Georgina Mekartney
Houston (Reuters) -Ol prices declined by more than $ 2 per barrel on Friday, investors posted a weekly decline, with uncertainty about a possible peace deal in Ukraine -an extinct Middle East Risk Premium with uncertainty about a possible peace deal Were struggling together
Brent futures settled at $ 2.05, or 2.68%, $ 74.43 per barrel, while US West Texas Intermediate crude settled at $ 2.08, or 2.87%, $ 70.40.
Brent recorded a decline of 0.4% a week, while US crude futures posted 0.5% weekly losses.
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John Killedf, a partner of Capital again in New York, said, “Here is a risk-banding tone,” as a Gaza ceasefire, citing relative calm in the Middle East.
The Energy Information Administration said that investors continued to weigh an upper in American crude oil stockpiles, reported on Thursday, as seasonal maintenance in refineries led low processing. [EIA/S]
US energy firms added oil and natural gas leakage to a fourth week in a row since June this week, energy service firm Baker Hughes said in a report on Friday.
Oil and gas rig count, an early indicator of future production, increased from four to 592 from February 21 to 592.
The focus of the traders was also on the disintegration of the oil supply, facing some disadvantages.
Russia said the Caspian Pipeline Consortium Oil Flow, a major route for raw exports from Kazakhstan, was reduced by 30–40% on Tuesday after a Ukrainian drone attack at a pumping station.
Although oil flow through CPC from Tangies Oilfield in Kazakhstan is uninterrupted, the Russian news agency Interfax reported Tengizchevoil on Friday.
Industry sources said on Thursday that Kazakhstan pumped up record high oil versions through Russia despite damage to its CPC export route. It was not immediately clear how Kazakhstan was able to pump the record volume.
The Ukrainian drone attack helped support raw prices this week, Alex Hods said, Stonx’s analyst, in a note on Friday, pointing to the expectation of analysts that OPEC+ once again cut its production Will delay, raw price prices remain below $ 80/BBL. ,
In other places, relations between Ukraine’s President Volodimier Zelanski and US President Donald Trump deteriorated this week, when Zelancesi criticized us and Russian steps to interact on the peace agreement without Kiev’s participation. The rift was widened by Trump comments blaming Ukraine for starting a three -year -old struggle.
Nevertheless, after a meeting with Trump’s messenger for Ukraine conflict on Thursday, Zelancesi said Ukraine was ready to work quickly to produce a strong agreement with the US on investment and security.
Again Capital’s Killedf said, “Trump keeps on hammering Ukraine and the market is taking as a potential relaxation of restrictions on Russia, and Russian oil flow is coming back to the market.”
On the demand front, JP Morgan analysts expect cold weather in the US and will increase a holiday for industrial activity in China to contribute more in the coming weeks.
(Houston at Houston, Georgina Mekartney, Arunima Kumar, Yuka Obayashi in Tokyo, Sia Liu and David Goodman in Singapore, Susan Fenton, Marguerita Choy, Jane Meriman and David Gregorio reporting by Arunima Kumar in Mumbai)
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