Crude oil futures closed lower on Friday (Feb. 25) as investors took profits after a strong rally on Thursday. Investors continue to monitor the situation after Russia’s invasion of Ukraine.
- WTI crude futures were down $1.22, or 1.3%, at $91.59 a barrel.
- BRENT crude futures were down $1.15, or 1.2%, at $97.93 a barrel.
Oil prices have come under pressure as U.S. officials insisted that the U.S. will not impose sanctions on Russian oil exports in the Ukraine crisis.
The oil market slipped after the Chinese Foreign Ministry announced that Russian President Vladimir Putin told Chinese President Xi Jinping by phone that Russia was ready for high-level talks with Ukraine.
Kremlin spokesman Dmitry Peskov said Russia was ready to send representatives to Minsk, the capital of Belarus, to negotiate with Ukrainian authorities.
Investors continue to monitor progress in talks on the Iranian nuclear agreement. Moreover, the market will await the outcome of the OPEC meeting on March 2, which will determine the production policy for April.
Analysts expect OPEC+ to decide at its meeting next week to stick to the original agreement and increase oil production by only 400,000 barrels per day for the month of April.
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Saturday, February 26, 2022