Oil prices slip as traders weigh geopolitical risks
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E-mail Xinhua, February 26, 2022
Oil prices dropped on Friday as traders cautiously eyed updates regarding the Russia-Ukraine tensions.
The West Texas Intermediate (WTI) for April delivery lost 1.22 U.S. dollars, or 1.3 percent, to settle at 91.59 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery decreased 1.15 dollars, or nearly 1.2 percent, to close at 97.93 dollars a barrel on the London ICE Futures Exchange.
Kremlin spokesman Dmitry Peskov said Friday that Russian President Vladimir Putin is ready to send a Russian delegation to the Belarusian capital of Minsk for negotiations with Ukraine.
Russian Foreign Minister Sergei Lavrov on Friday told a briefing that his country has no plan to occupy Ukraine and Moscow is ready to hold negotiations straight after the Ukrainian forces "lay down their arms."
On Thursday, oil prices rise with both WTI and Brent exceeding 100 U.S. dollars a barrel in intraday trading, after Russia-Ukraine tensions escalated into a military conflict.
For the week, the U.S. crude benchmark gained 1.5 percent, while Brent surged 4.7 percent, based on front-month contracts.
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