Oil prices were modestly higher on Friday, but a volatile week of trading has taken a toll.
Crude prices were inching higher on Friday, on the heels of a sharp losses driven by news of the largest-ever release from U.S. crude reserves. Oil was facing its biggest weekly loss since the early days of the pandemic.
Analysts... Crude prices were inching higher on Friday, on the heels of a sharp losses driven by news of the largest-ever release from U.S. crude reserves. Oil was facing its biggest weekly loss since the early days of the pandemic. Analysts said the move could keep a lid on prices in the near term, but analysts see it as only a temporary fix for tight global supplies, especially as the war in Ukraine grinds on.The International Energy Agency was expected to hold an emergency meeting on Friday to discuss potentially also releasing strategic reserves alongside the U.S., Reuters reported.
Geopolitical headlines continued to attract attention on Friday after Russia accused Ukraine forces of an attack on an oil facility just north of the border between the two countries. Peace talks between the two sides by videoconferencing as fighting on the ground continued.
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