Oil prices snapped losing streak as expectations for a quick ceasefire mellowed
Oil prices inched up by 1% on Friday, 14 March 2025, ending the week largely unchanged as investors weighed the diminishing prospects of a quick Ukraine - Russia ceasefire
Oil prices inched up by 1% on Friday, 14 March 2025, ending the week largely unchanged as investors weighed the diminishing prospects of a quick Ukraine - Russia ceasefire that could bring back more Russian energy supplies to Western markets.
Brent crude futures settled 70 cents, or 1%, higher at $70.58 a barrel.
US West Texas Intermediate crude (WTI) gained 63 cents, or 1%, to $67.18.
Although the Russian government signalled openness to a ceasefire, it also outlined terms and negotiations that could complicate a swift close to negotiations. This reinforced market expectations that US sanctions on Russian exports may persist in the near term.
Meanwhile, market sentiment remained pressured by weak demand signals. The International Energy Agency warned of possible excess supply in 2025, projecting global output to exceed demand by 600,000 barrels per day. Concerns over escalating US trade tensions fomented fears of a possible reduction in US and global consumption, weighing down on prospects for firmer energy demand.
Written by: Derek Yong