Oil prices edged higher on Friday, heading for a small weekly loss, as investors weighed new European Union sanctions against Russia.
Brent crude futures climbed 50 cents, or 0.72%, to $70.02 a barrel as of 0912 GMT, U.S. West Texas Intermediate crude futures gained 61 cents, or 0.9%, to $68.15 a barrel.
Investors mulled the potential impact on global oil balances of the EU's agreement on an 18th sanctions package against Russia over its war in Ukraine, which includes measures aimed at dealing further blows to Russia's oil and energy industries.
Its latest sanctions package will lower the G7's price cap for buying Russian crude oil to $47.6 per barrel, diplomats told Reuters.
"Neither the price cap for Russian oil nor adding shadow fleet tankers on a sanction list managed to disrupt Russian oil exports so far, so the market remains sceptical of the impact of the latest sanctions," UBS analyst Giovanni Staunovo said.
Investors are awaiting news from the U.S. on possible further sanctions, after President Donald Trump earlier this week threatened sanctions on buyers of Russian exports unless Moscow agrees a peace deal in 50 days.
"Ultimately, it is now a matter of waiting for possible major changes in U.S. sanctions and tariff policy," Commerzbank analysts said in a note.
Four days of drone attacks on oilfields in Iraqi Kurdistan that shut down half the region's output have supported prices, pushing both contracts up by $1 on Thursday.
The attacks "are bound to take their toll as the region’s output has been slashed from 280,000 bpd to around 130,000 barrels per day," said PVM analyst Tamas Varga.
Officials pointed to Iran-backed militias as the likely source of attacks this week on the region's oilfields, although no group has claimed responsibility.
Despite the attack, Iraq's federal government said on Thursday that Iraqi Kurdistan will resume oil exports through a pipeline to Turkey after a two-year halt.
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Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic activity and limited fuel demand.
Oil prices fell below the key $70 per barrel mark last week as increased output from OPEC+ eased supply concerns, while renewed U.S. tariff threats under President Donald Trump weighed on global demand expectations.
Oil prices climbed on Wednesday, maintaining their highest levels since 23 June, lifted by recent attacks on shipping in the Red Sea, along with concerns over steep U.S. tariffs on copper and a forecast for lower U.S. oil production.
Oil futures fell on Friday after Iran reaffirmed its commitment to nuclear non-proliferation and amid expectations that major producers are set to agree to raise their output this weekend.
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Peru’s Congress has voted to censure and remove José Enrique Jeri Ore from his posts as President of Congress and acting President of the Republic, just four months into his tenure, citing undisclosed meetings with Chinese businessmen and alleged hiring irregularities.
France celebrated Olympic gold in the men’s biathlon relay in Anterselva on Tuesday (17 February), following a thrilling race marked by an electric atmosphere at the stadium.
Qarabağ FK are facing Newcastle United in the UEFA Champions League play-off round on Wednesday evening in Baku, in what will be the first UEFA competition meeting between the two clubs.
Iranian officials say more than 300 undocumented Afghan migrants have been rescued after being stranded in cold and rain near the border district of Taybad, in the northeastern Razavi Khorasan province.
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U.S. stock markets finished mixed on Wednesday (28 January) as investors reacted calmly after the Federal Reserve left interest rates unchanged, a decision that had been widely expected and largely priced in.
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