Oil prices rise and post weekly gains amid slowdown in the Ukraine peace process.
The three-and-a-half-year war continued unabated this week.
By Georgina McCartney
(Reuters) Oil prices rose on Friday amid uncertainty surrounding a possible peace deal between Russia and Ukraine, posting weekly gains for the first time in three weeks.
Brent crude oil futures rose 0,09% to $67,73. US West Texas Intermediate (WTI) crude oil futures climbed 0,22% to $63,66.
Both rose more than 1% in the previous session. Brent advanced 2,9% this week, while WTI gained 1,4%.
"Everyone is waiting to see what President Trump's next move will be," said Giovanni Staunovo, a commodities analyst at UBS. "It looks like nothing will happen in the coming days," he added.
US President Donald Trump said on Friday that he would see if Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy would work together to end Russia's war in Ukraine.
"There is still uncertainty surrounding the potential ceasefire; negotiations are not progressing as quickly as the market had hoped," said Phil Flynn, senior analyst at Price Futures Group.
The three-and-a-half-year war continued unabated this week, with Russia launching an airstrike on Thursday near Ukraine's border with the European Union, and Ukraine saying it hit a Russian oil refinery and the Unecha oil pumping station, a critical part of the Russian Druzhba pipeline bound for Europe.
