WASHINGTON (dpa-AFX) - Oil prices drifted lower on Friday as supply concerns eased amid hopes of a peace deal between Russia and Ukraine and possibility of removal of sanctions on Russia.
Traders are pinning hopes of an end to the Russia-Ukraine war after U.S. President Donald Trump spoke to presidents of Russia and Ukraine over phone.
There are expectations that a potential peace deal between Ukraine and Russia would usher in the end of sanctions affecting supply flows.
West Texas Intermediate Crude oil futures settled lower by $0.55 or 0.77% at $70.74 a barrel. WTI futures gained 1% this week.
Brent crude futures settled at $74.70 a barrel, losing about 0.4%. Brent crude futures gained about 1% this week.
Oil prices found some support amid optimism over potential trade agreements between the U.S. and some major trading partners following delays in U.S. reciprocal tariffs.
Trump has signed a Presidential memo on reciprocal tariffs for more balanced trade, with Howard Lutnick, Trump's Commerce Secretary nominee, saying he anticipates the investigation will be complete by April 1.
A report from Baker Hughes said the oil and gas rig count in the U.S. rose by 2 to 588 this week. Despite this week's rig increase, the total count was still down 33 rigs, or 5% below this time last year.
Baker Hughes said oil rigs rose by one to 481 this week, while gas rigs gained one to 101.
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