Brent crude oil futures advanced 1% to settle at $70.6 per barrel on Friday, following a 1.5% loss in the previous session, as investors continued to weigh the ongoing geopolitical uncertainty over the Ukraine war.
Despite Russian President Putin’s conditional support for a ceasefire, confidence in a swift resolution has diminished.
Meanwhile, geopolitical tensions, including China’s and Russia’s support for Iran and the expiration of a US energy sanctions license, continue to weigh on market sentiment.
Macroeconomic uncertainties also kept oil under pressure, with the International Energy Agency warning of a growing supply surplus as an escalating trade war dampens demand while OPEC+ increases production.
The IEA projects global supply to exceed demand by 600K barrels per day this year, with demand expected to rise by just 1.03 million barrels per day, 70K barrels per day lower than last month’s forecast. The benchmark ended the week largely unchanged from last Friday’s levels.