Oil ended a seven-week losing streak as US stocks rebounded and Russia-Ukraine peace talks stalled, delaying Moscow’s crude return.WTI rose nearly 1% to settle above $67, while Brent closed just under $71, aided by a weaker dollar.
Tensions remained as Putin urged Ukrainian troops in Kursk to surrender, but Ukraine rejected the demand, casting doubt on a ceasefire.US crude edged up 0.2% for the week, narrowly avoiding an eighth straight decline, its longest since 2015.Trade tensions from President Trump have pressured oil prices since January, raising concerns about slower economic growth and weaker demand.
Meanwhile, a sharp rise in long-term inflation expectations adds to the gloomy energy outlook.US crude briefly rose 1.4% after new U.S. sanctions on Iran and Russia but later pared gains.Traders remain focused on Russia-Ukraine ceasefire talks and economic risks.
Analyst Rebecca Babin noted markets are less reactive to sanctions until enforced.Meanwhile, the IEA warns of a growing supply surplus as weak demand and rising OPEC+ output add pressure.
