Oil prices were set for a second straight weekly loss, but found a floor above $100 a barrel on Friday after volatile trading this week with no easy replacement for Russian barrels in sight in a market already marked by tight supply.
Brent crude futures fell 29 cents, or 0.3%, to $106.35 a barrel by 1245 GMT, after surging nearly 9% on Thursday in the largest percentage gain since mid-2020.
U.S. West Texas Intermediate crude futures were up 8 cents, or 0.1%, at $103.06 a barrel, adding to an 8% jump on Thursday.Both benchmark contracts were set to end the week down more than 5%, after having traded in a $16 range. Prices hit 14-year highs nearly two weeks ago, encouraging bouts of profit taking since then.
The supply crunch from traders avoiding Russian barrels, stuttering nuclear talks with Iran, dwindling oil stockpiles and worries about a surge of COVID-19 cases in China hitting demand have combined to produce a rollercoaster ride for crude prices. The volatility has scared players out of the oil market, which in turn is likely to exacerbate price swings.
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