Oil Posts First Weekly Loss Since December as Rally Cools Off
- WTI fell 2% this week as prices swung on geopolitical risk
- U.S. secretary of state to meet with Russia’s Lavrov next week
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Oil posted its first weekly loss in two months as traders weighed heightened geopolitical tensions over Ukraine against the potential for Iranian barrels to be added to the market.
West Texas Intermediate closed down near $91 a barrel on Friday. U.S. crude fell 2.2% this week, fluctuating as prices of commodities from gas to metals and food swung with every twist and turn in the standoff between the West and Russia.