Oil prices rebounded on Friday to recover some of their more than 1% losses in the previous session, partly due to diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies.
Brent crude futures rose 46 cents, or 0.7%, to $70.34 a barrel by 0406 GMT after settling 1.5% lower in the previous session. U.S. West Texas Intermediate crude was at $67.03 a barrel, up 48 cents, or 0.7%, after closing down 1.7% on Thursday.
Russian President Vladimir Putin said on Thursday that Moscow supported a U.S. proposal for a ceasefire in Ukraine in principle but sought a number of clarifications and conditions that appeared to rule out a quick end to the fighting.
“Russia’s tepid support of a 30-day cease-fire proposal with Ukraine has reduced confidence around a ceasefire in the short term,” IG market analyst Tony Sycamore said.
“The feeling is that U.S. won’t lift sanctions until they agree a ceasefire.”
However, the global trade war that has roiled financial markets and raised recession fears is escalating with U.S. President Donald Trump on Thursday threatening to slap a 200% tariff on wine, cognac and other alcohol imports from Europe.
