Oil prices flat but set for weekly rise

Oil drilling rigs

Oil prices held firm on Friday after rising by more than 1% on Aug. 21, and are on track to end two-week losses as hopes for an immediate peace deal between Russia and Ukraine receded.

Brent crude futures for October delivery were unchanged at $67.64 a barrel as of 07:56 am KSA time.

Similarly, US WTI crude futures for October delivery — the most actively traded contract — were also steady at $63.50 a barrel.

It has been nearly three years and a half since Russia has launched a severe war on Ukraine. On Aug. 21, Russia launched an airstrike near Ukraine’s border with the European Union, while Ukraine said it struck a Russian oil refinery. This comes after US President Donald Trump failed to swiftly broker a peace agreement to end the conflict, according to Reuters.

Markets are now awaiting later today’s release of US oil and gas rig count data from Baker Hughes, which will provide further insights into US supply prospects.