Oil extended gains after the biggest daily surge in 16 months pushed prices back above $100 a barrel as the Kremlin cast doubt on the progress of peace talks with Ukraine.
Futures in New York rose to trade near $106 a barrel after jumping 8.4% on Thursday. Crude rallied after the Kremlin said a report of major progress in negotiations over Ukraine was “wrong,” but that discussions will continue. Oil is still set for a second weekly loss after another tumultuous period of trading that’s seen West Texas Intermediate swing over $9 in three sessions.
The market has been whipsawed by developments surrounding the war and concerns about virus lockdowns in China, with a liquidity crunch adding to oil’s volatility and leaving prices vulnerable to big swings.
