Oil drops over 2.5% as investors assess Russia-Ukraine peace talks

Oil drilling rigs

Oil prices retreated at the close of Friday’s trading as investors assessed market prospects, alongside peace talks between Russia and Ukraine and rising tensions between the United States and Venezuela.

Brent crude futures for February delivery fell 2.57%, or $1.60, to $60.64 per barrel, recording a weekly loss of 0.28%.

Meanwhile, US WTI crude futures for February delivery declined 2.76%, or $1.61, to $56.74 per barrel.

Oil prices came under pressure due to the stronger US dollar, in addition to investors’ anticipation of a meeting between Ukrainian President Volodymyr Zelensky and US President Donald Trump on Sunday in Florida to discuss ways to end the war with Russia.

At the same time, the United States ordered its forces in the Caribbean to focus on blocking Venezuelan oil tanker movements for at least two months, signaling that Washington is leaning toward economic rather than military tools to pressure Caracas.