Oil stocks rose on Friday, partially recovering their losses, which had made more than one incident at the previous session. This occurred against the backdrop of declining expectations of a quick end to the war in Ukraine.
Brent crude oil prices fell by 0.6% to $75.70 per barrel, while WTI crude rose by 0.7% to $73.33 per barrel.
"Investors hope that the conflict in Ukraine will not escalate further, which reduces market risks regarding oil supplies from this region," noted one of the analysts.
Experts also pointed out that the rise in oil prices comes against the backdrop of strengthened demand for energy resources and expectations of an improved global economic situation.
"We see that the demand for oil remains high, which is stimulating price growth," added another analyst.
