Oil Edges Higher As High-level Talks To Stop War Fail

Oil prices rose on Friday after the highest-level talks between Russia and Ukraine since the start of the war failed to yield progress and Russia warned Europe of 'wave of consequences' against massive Western sanctions.

U.S. President Joe Biden is set to call for an end to normal trade relations with Russia as the Senate passed a $1.5 trillion funding bill Thursday night to keep the government running through September and bolster both humanitarian and military efforts in Ukraine.

Benchmark Brent crude futures rose 1.4 percent to $110.84 per barrel, while WTI crude futures were up 1.3 percent at $107.41.

Prices were rising after the UAE took a step back from assurances it would encourage fellow OPEC members to boost their production above their agreed quotas.

UAE Energy Minister Suhail al-Mazrouei backtracked on the ambassador's statement and said the OPEC member is committed to existing agreements with the group to boost output by only 400,000 barrels per day (bpd) each month.

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