WTI Crude futures record 1.7% weekly drop

The West Texas Intermediate (WTI) crude futures posted a 1.7% drop within the week as it pared losses at 0.3%, trading around $91.5 a barrel on Friday, as escalating violence in Donetsk heightened concerns over supply disruptions from a possible Russia-Ukraine war, offsetting prospects of Iranian oil returning to global markets.

The Donetsk People’s Republic started evacuating civilians from the region amid heavy shelling, while Russian media said a car exploded near a government building in Donetsk.

Earlier, signs of advances in US-Iran nuclear talks pressured crude futures, as a potential deal could release about 1.3 million supply barrels.

Oil is expected to hold in the $90 to $100 a barrel range despite the potential return of Iranian oil exports, as geopolitical uncertainties and a tight global market, driven by capacity constraints and demand recovery continue to keep energy prices elevated.

For the week, WTI crude futures posted a 1.7% drop

The West Texas Intermediate (WTI) benchmark for US crude is the world’s most actively traded commodity.

Source: Trading Economics