Background on Key Figures and Context
The international oil prices stabilized during Friday’s trading amidst uncertainty surrounding a possible peace agreement between Russia and Ukraine. This marked the first weekly gain in the past three weeks for oil prices.
The Brent crude futures from the North Sea closed with a 0.09% increase, reaching $67.73 per barrel. West Texas Intermediate (WTI) futures also closed higher, rising 0.22% to $63.66 per barrel.
Both contracts had already risen more than 1% in the previous session. The Brent crude gained 2.9% for the week, while WTI increased by 1.4%. Mexico’s export crude mix also rose 0.12% on Friday, selling at $62.64 per barrel and gaining 2.62% for the week.
Relevance of Key Figures
Donald Trump, the President of the United States, stated on Friday that he would observe whether Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky collaborate to end Russia’s war in Ukraine.
Market Analysts’ Perspectives
Giovanni Staunovo, a metals analyst at UBS, commented: “Everyone is waiting for the next move from President Trump. In the coming days, it seems like nothing is going to happen.”
Phil Flynn, a senior analyst at Price Futures Group, added: “There’s still uncertainty surrounding the potential ceasefire. The negotiations aren’t progressing as quickly as the market had hoped.”
Key Questions and Answers
- Q: What happened to oil prices on Friday? A: Oil prices stabilized, with Brent crude rising 0.09% to $67.73 per barrel and WTI increasing 0.22% to $63.66 per barrel.
- Q: Why are oil prices experiencing gains this week? A: Oil prices have seen weekly gains of 2.9% for Brent and 1.4% for WTI, driven by market anticipation of a potential Russia-Ukraine peace agreement.
- Q: Who are the key figures mentioned in relation to the peace agreement? A: The key figures are Russian President Vladimir Putin, Ukrainian President Volodymyr Zelensky, and US President Donald Trump.
- Q: What are market analysts saying about the situation? A: Analysts like Giovanni Staunovo from UBS and Phil Flynn from Price Futures Group express uncertainty about the progress of negotiations between Russia and Ukraine.
