MELBOURNE : Oil prices extended their rally on Friday at the end of a third volatile week of trade as there was slim progress in peace talks between Russia and Ukraine, raising the spectre of tighter sanctions and a prolonged disruption to oil supply.
Brent crude futures jumped $2.43, or 2.3per cent, to $109.07 a barrel at 0141 GMT, after surging nearly 9per cent on Thursday in the largest percentage gain since mid-2020. Despite the rebound, both benchmark contracts were set to end the week down about 4per cent, after having traded in a $16 range. Prices have dropped from 14-year highs hit nearly two weeks ago.
The supply crunch from sanctions on Russia, stuttering nuclear talks with Iran, dwindling oil stockpiles and worries about a surge of COVID-19 cases in China hitting demand all drove the rollercoaster ride over the week.
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