Oil prices were steady on Friday, supported by stalled Ukraine peace talks, though gains were offset by expectations of a supply glut.
Brent
crude rose 41 cents, or 0.65%, to $63.67 per barrel by 10:07 a.m ET. U.S. West Texas Intermediate
rose 36 cents, or 0.6%, to $60.03 a barrel.
“It is quite flat today and this week had a narrow trading range,” said Tamas Vargas, an oil market analyst at PVM. “The lack of progress in the Ukrainian peace talks provides a bullish backdrop but on the other hand, resilient OPEC production provides a bearish backstop. These two opposing forces make trading seemingly quiet.”
