OIL | Oil Prices Stabilize as Trading Thins Ahead of U.S. Long Weekend

Oil prices were volatile on Friday in thin trading ahead of the U.S. long weekend, as renewed fighting between the United States and Iran heightened supply concerns while signs of a rare end to the war between Russia and Ukraine reduced the geopolitical risk premium. According to Sina Finance, WTI crude rose 0.2% on Friday to close near $91.50 a barrel. CIBC Private Wealth Group senior energy trader Rebecca Babin said overnight military activity was relatively quiet, which weakened the momentum behind higher oil prices. She also said profit-taking after this week's strong gains and thin liquidity were adding pressure. Oil came under further pressure after Ukrainian President Volodymyr Zelensky said U.S. President Donald Trump's envoys Steve Witkoff and Jared Kushner would travel to Moscow and then visit Ukraine for talks on ending the war. WTI crude for October delivery in New York rose 0.2% to settle at $91.48 a barrel, while November Brent rose 0.8% to close at $96.28 a barrel. Oil still gained 9.7% for the week.