Oil prices rose early on Friday, now close to $ 110 a barrel, dominated the flow of news about peace talks between Russia and Ukraine, and recently boosted daily trade movements.
The shock of the crude market has been reflected in oil price movements since Russia invaded Ukraine on February 24, with Brent rising to a multi-decade high of nearly $ 140 per barrel and falling briefly below $ 100 a barrel.
Fear of a long supply disruption has boosted market volatility in the third week as Brent benchmark crude oil rose more than 2 percent in early Friday, selling for close to $ 110 per barrel after rising nearly 9 percent on Thursday. Since mid-2020, the most significant percentage gain.
U.S. crude rose more than 2.5 percent to nearly $ 106 a barrel after an 8 percent rise in the previous session.
Despite the rebound, the two benchmark contracts would have ended about a 4 percent lower week after being negotiated in the $ 16 range. Prices have dropped from a 14-year high almost two weeks ago.
“I expect even more volatility. There is still a lot of uncertainty,” Justin Smirk, a senior economist at Sydney’s Westpac, told Reuters.
“In such a tight market and such an illiquid paper market – you’re going to get a little bit of volatility,” Mr. Smirk added.