Oil falls 2% but concerns over supply disruptions provide support
Oil prices fell 2% on Friday but were unchanged on the week as concerns about supply disruptions in Russia provided support while there was continued uncertainty about a potential peace deal in Ukraine.
Brent futures fell $1.80, or 2.35%, to $74.68 a barrel by 1:17 p.m. ET, while U.S. West Texas Intermediate crude fell $1.81, or 2.5%, to $70.67.
Both benchmarks are set to end the week unchanged versus last week.
Investors have taken a relatively neutral yet nervous stance on crude oil prices, said Ole Hansen at Saxo Bank, with Brent trading near the middle of the expected range for the year, between $65 and $85 a barrel.
Traders' focus was also on oil supply disruption.
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