Brent Gains as Volatile Week Continues

Brent Crude: Oil rose above $105 per barrel on Friday after falling for two straight sessions, as traders navigated a volatile week marked by persistent supply-side issues, weakening US gasoline demand and mounting risk of a global economic slowdown.

President Joe Biden failed to secure a pledge from Arab leaders this week to pump more oil despite remarks from a top US energy envoy indicating confidence that major producers have spare capacity and are likely to boost supplies.

Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin reportedly discussed continued cooperation within OPEC+ in a phone call on Thursday.

Meanwhile, the US is working on a plan to impose a price cap on Russian crude aimed at pressuring Moscow over its invasion of Ukraine. On the demand side, official data indicated weakening US gasoline demand despite the peak summer driving season, while aggressive rate hikes by major central banks triggered slowdown concerns.