Crude oil prices climbed higher on Friday on concerns about disruptions in supply amid uncertainty about any meaningful progress in talks between Russia and Ukraine.
Although Russian President Vladimir Putin has reportedly stated that “certain positive shifts” have occurred in the talks between the Kremlin and Ukraine, a ceasefire has not been negotiated. According to reports, Russia has widened its attacks to more Ukrainian cities.
West Texas Intermediate Crude oil futures for April ended higher by $3.31 or about 3.1% at $109.33 a barrel. WTI crude futures shed about 5.5% in the week.
Brent crude futures were up $3.20 or nearly 3% at $112.53 a little while ago.
Talks to revive the 2015 Iran nuclear deal on Friday faced the threat of collapse with world powers pausing negotiations for an undetermined time following a last-minute Russian demand.
Reports that some OPEC+ producers, including Angola and Nigeria, have struggled to meet their production targets, contributed as well to the uptick in crude oil prices.
A report released by Baker Hughes showed the number of active U.S. rigs drilling for oil increased by eight to 527 this week. The total active U.S. rig count, which includes those drilling for natural gas, climbed by 13 to 663, the report said.