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Oil continues to rise as Russia-Ukraine talks stall

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By Shadia Nasralla

LONDON, March 18 (Reuters) – Oil prices extended gains on Friday at the end of a third week of high volatility, after little progress in peace talks between Russia and Ukraine raised the specter of a prolonged disruption to oil prices. the offer.

* Brent crude futures lost $1.14, or 1%, to $107.78 a barrel by 1003 GMT, having gained nearly 9% on Thursday in the biggest percentage gain since mid-2020.

* US West Texas Intermediate (WTI) crude futures are hovering around $1.24, or 1.2%, and $104.22 a barrel, totaling 8% higher for games.

* Supply constraints by traders avoiding Russian crude, stalled nuclear talks with Iran, declining stockpiles, and concerns over rising COVID-19 cases in China, which is emerging. to demand have combined to produce a rollercoaster ride for crude this week.

* Volatility has scared traders away from the oil market, which in turn is likely to exacerbate price swings.

* Despite battlefield setbacks and Western sanctions, Russian President Vladimir Putin has shown no signs of letting up. The Kremlin said no agreement had yet been reached after a fourth day of talks with Ukraine.

* “President Putin appears unwilling to end hostilities. This should ensure the energy complex remains well supported, with ample room for further volatility,” PVM oil market analyst Stephen Brennock said.

* He added that rising interest rates in the United States pointed to a stronger economy, which could support oil demand.

(Additional reporting for Sonali Paul in Melbourne and Florence Tan in Singapore; Spanish editing by Javier Leira)

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