Oil adds to gains on lack of progress in Russia-Ukraine talks

Oil prices moved into the final trading day of the week extending a rally. It marks the third volatile week of trade as there was slim progress in peace talks between Russia and Ukraine. This volatility is raising concerns about a prolonged disruption to oil supply, according to Reuters. U.S. West Texas Intermediate (WTI) crude futures climbed $1.42 or 1.3%, to $104.40 a barrel, adding to an 8% jump on Thursday. Brent crude futures gained $1.31, or 1.2%, to $107.95 a barrel, after surging nearly 9% on Thursday in the largest percentage gain since mid-2020. Even with the rebound, both benchmark prices were set to end the week down about 4%. Prices have dropped from 14-year highs hit nearly two weeks ago. Prices have been on a rollercoaster ride due to 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, according to Reuters.