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Oil prices fell during trading on Friday, heading for losses for the second consecutive week, as concerns over global supply eased amid growing hopes for a possible political settlement to the war between Russia and Ukraine.
Brent crude futures fell by about 0.2% to $59.70 per barrel, while US West Texas Intermediate crude declined by 0.3% to $55.99 per barrel.
Over the week, Brent crude incurred losses of 2.3%, while US crude fell by 2.5%.
Venezuela Blockade
This decline occurred despite ongoing uncertainty regarding the US implementation mechanism for measures targeting sanctioned Venezuelan oil tankers, aimed at restricting their entry to or exit from ports. Venezuelan supplies represent about 1% of global supply, at a time when a notable step was taken last week with the detention of a Venezuelan oil tanker.
The Ukrainian Crisis
Conversely, signs of political rapprochement between Moscow and Kyiv, and Washington’s readiness to hold talks with Russian officials, have helped calm the geopolitical concerns that had been pressuring energy markets in recent weeks.
Analysts note that any additional measures potentially targeting Russian oil exports could have a greater impact on market balance compared to the restrictions on Venezuelan shipments. In this context, informed sources reported that Venezuela has finally allowed two unsanctioned oil tankers to head to China.
On another note, financial institutions predicted that the price decline would contribute to a reduction in oil supply, which may limit the potential for a sharp price drop in the coming period.
Russia
Russia is the world’s largest country by area, spanning Eastern Europe and Northern Asia. Its history is marked by the rise and fall of the Kievan Rus’, the Tsardom of Russia, the Russian Empire, the Soviet Union, and the modern Russian Federation established in 1991. It is renowned for its vast landscapes, rich cultural heritage in literature, music, and art, and its influential role in global geopolitics.
Ukraine
Ukraine is a country in Eastern Europe with a rich history dating back to the medieval state of Kyivan Rus. It has experienced periods of independence as well as rule by various empires, before regaining its sovereignty with the dissolution of the Soviet Union in 1991. The country is known for its diverse cultural heritage, Orthodox Christian cathedrals, and the Chernobyl historical site.
Venezuela
Venezuela is a South American country with a history of indigenous inhabitation before Spanish colonization in the 16th century, leading to its independence in 1811 under Simón Bolívar. It is known for its significant oil reserves, diverse natural landscapes like Angel Falls (the world’s highest waterfall), and the coastal capital city of Caracas.
US
The United States is a federal republic founded in 1776 after declaring independence from Great Britain. Its history is marked by westward expansion, a civil war over slavery, and its emergence as a global superpower in the 20th century.
Moscow
Moscow is the capital and largest city of Russia, with a recorded history dating back over 800 years to its first mention in 1147. It grew from a medieval fortress, the Kremlin, to become the political and cultural heart of the Russian state, serving as the capital of the Tsardom of Russia, the Soviet Union, and the modern Russian Federation. The city is renowned for its iconic landmarks such as Red Square, St. Basil’s Cathedral, and the Moscow Metro.
Kyiv
Kyiv is the capital and largest city of Ukraine, with a history dating back over 1,500 years as a major cultural and political center of Eastern Slavic civilization. It is often called the “Mother of Rus Cities” for its foundational role in the medieval state of Kyivan Rus, and its historic landmarks include the UNESCO-listed Saint Sophia Cathedral and the Kyiv Pechersk Lavra monastery complex.
Washington
Washington, D.C., is the capital city of the United States, founded in 1790 following the ratification of the U.S. Constitution. It was established as a federal district through the Residence Act and named after the first U.S. president, George Washington, with its core design influenced by architect Pierre Charles L’Enfant. The city is home to iconic national monuments, museums, and the branches of the U.S. government.
China
China is one of the world’s oldest continuous civilizations, with a recorded history spanning over four millennia. It is home to numerous UNESCO World Heritage sites, such as the Great Wall and the Forbidden City, which reflect its long imperial past and profound cultural achievements.
