Oil futures rise Friday, but are on track for a weekly loss as they retreat from nearly 14-year highs.
Oil futures rose Friday, but were on track for a weekly loss as they retreat from nearly 14-year highs as traders assessed potential efforts to replace Russian crude on the global market in the wake of Russia’s invasion of Ukraine.
A pause in talks aimed at returning Iran to an international nuclear accord and reports that a drone attack on a Saudi Aramco refinery in Ryadh by Iran-aligned Houthi rebels helped lift crude in Friday’s session. Remarks earlier this week by the United Arab Emirates’ ambassador to the U.S. expressing a willingness to see the Organization of the Petroleum Exporting Countries boost output were also a factor, even though the U.A.E.’s energy minister subsequently contradicted the ambassador, Fritsch said. The remarks nonetheless have initiated a debate, the analyst said.
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