Oil prices rose on Friday after U.S. President Donald Trump said he would make an announcement regarding Russia, raising the prospect of more sanctions on the major oil producer, while tariff concern and rising OPEC+ output capped gains.
Brent crude futures were up 19 cents, or 0.28%, at $68.83 a barrel as of 0408 GMT. U.S. West Texas Intermediate crude ticked up 24 cents, or 0.36%, to $66.81 a barrel. So far this week, Brent has added 0.8% and WTI has dipped 0.2%.
Both contracts lost more than 2% on Thursday as investors worried about the impact of Trump’s evolving tariff policy on global economic growth and oil demand.
“This morning, prices have recouped some of this decline after President Trump said he plans to make a ‘major’ statement on Russia on Monday. This could leave the market nervous over the potential for further sanctions on Russia,” ING analysts wrote in a client note on Friday.
Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress on peace with Ukraine and Russia’s intensifying bombardment of Ukrainian cities.
