Muscat: Oil prices stabilized today as investors assessed the future of ceasefire talks aimed at ending the war between Russia and Ukraine, which could affect the flow of Russian oil to global markets. Brent crude futures fell slightly by 8 cents, or 0.1%, to $72.08 a barrel. US West Texas Intermediate (WTI) crude futures fell by 5 cents, or 0.1%, to $68.23 a barrel.

According to Oman News Agency, both benchmark crude oils ended Friday’s trading higher, posting gains for the second consecutive week. The ongoing negotiations between Russia and Ukraine play a critical role in determining the market’s direction, as the potential for a ceasefire could lead to an increase in the supply of Russian oil, impacting global oil prices.