Oil prices extended their rally on Friday at the end of a third volatile week of trade after slim progress in peace talks between Russia and Ukraine raised the spectre of tighter sanctions and a prolonged disruption to oil supply, News.Az reports citing Reuters.

A fourth day of talks between Russian and Ukrainian negotiators took place by videolink, but the Kremlin said an agreement had yet to be reached.

Brent crude futures jumped $2.75, or 2.6%, to $109.39 a barrel at 0405 GMT, after surging nearly 9% on Thursday in the largest percentage gain since mid-2020.

U.S. West Texas Intermediate (WTI) crude futures climbed $2.93, or 2.9%, to $105.91 a barrel, adding to an 8% jump on Thursday.

Despite the rebound, both benchmark contracts were set to end the week down about 3%, after having traded in a $16 range. Prices have dropped from 14-year highs hit nearly two weeks ago.

News.Az