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Oil prices drop 4% in a week between profit taking

Oil prices have closed in bullish, in trading on Friday, but recorded their second consecutive weekly loss after a week of volatile trading, amid difficulties in finding an alternative to Russian oil in a market that suffers from shortages.

THE future on Brent crude oil they closed in rise of $ 1.29, or 1.2%, to $ 107.93 a barrel, one day after rising about 9% in the largest daily percentage increase since mid-2020.

THE future on US West Texas Intermediate crude they closed in Up $ 1.72, or 1.7%, to $ 104.70 a barrel, adding to an 8% jump in the previous session.

Both contracts record they closed the week in down about 4% after prices moved within the $ 16 range, according to Reuters.

Prices have reached the highest level in 14 years almost two weeks ago, causing a wave of profit taking ever since.

After a fourth day of talks with Ukraine, Russia said no agreement had yet been reached. There were some signs of progress earlier in the week.

“Previous expectations of a ceasefire or a Ukraine-Russia deal are fading as the Russian military offensive on major cities continues, suggesting further financial sanctions against Russia,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena. , Illinois.

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