Oil Prices Edge Higher, Set to End Two-Week Losing Streak

Oil prices ticked higher on Friday, supported by fading optimism over a swift peace agreement between Russia and Ukraine, a development that revived geopolitical risk premiums and positioned crude markets to snap a two-week losing streak.

Brent crude futures rose 12 cents to $67.79 a barrel, while U.S. West Texas Intermediate (WTI) gained 13 cents to $63.65. Both benchmarks had rallied more than 1 percent in the previous session, with Brent up 2.7% for the week and WTI climbing 1.1%.

Latest Oil Prices:

WTI Crude • 63.80 +0.28 +0.44%

Brent Crude • 67.85 +0.18 +0.27%

Murban Crude • 70.68 +0.03 +0.04%

Natural Gas • 2.696 -0.130 -4.60%

Louisiana Light • 66.04 +0.51 +0.78%

Bonny Light • 78.62 -2.30 -2.84%

Opec Basket • 70.01 +1.37 +2.00%

Mars US • 71.28 -0.98 -1.36%

Gasoline • 2.161 +0.001 +0.06%

Traders said risk sentiment shifted as hopes dimmed that U.S. President Donald Trump could quickly broker a ceasefire between Moscow and Kyiv, following weeks of selling pressure that had weighed heavily on crude prices.

The rebound was also underpinned by data from the U.S. Energy Information Administration (EIA), which reported a sharp draw of 6 million barrels in U.S. crude inventories for the week ending August 15, far exceeding analyst expectations of a 1.8 million-barrel decline. The figures signaled stronger-than-expected demand at a time of heightened geopolitical uncertainty.

Investors are now closely watching the annual Jackson Hole Economic Symposium in Wyoming for signals on U.S. monetary policy. Federal Reserve Chair Jerome Powell is scheduled to speak later Friday, with markets keen to assess the likelihood of an interest-rate cut in September, a move that could have broad implications for commodities and global growth.