LONDON: Oil prices were little changed on Friday as hope for immediate peace between Russia and Ukraine dimmed, increasing the risk premium demanded by oil sellers and putting prices on track to snap a two-week losing streak.
Brent crude futures were down 12 cents at $67.55 a barrel as of 7:15 a.m. Saudi time, while West Texas Intermediate crude futures fell 10 cents to $63.42.
Both contracts climbed more than 1 percent in the prior session. Brent has risen 2.7 percent this week, while the WTI has gained 1.1 percent.
Traders are pricing in more risk as hope that US President Donald Trump can quickly broker a deal to end the Russia-Ukraine war, which propelled a sell-off in oil over the last two weeks, fades.
“It’s proving difficult to set up a Putin-Zelensky summit, while discussions around potential security guarantees face obstacles,” analysts at ING said in a client note on Friday.
