Brent crude futures jumped $2.43, or 2.3 percent, to $109.07 a barrel by 0141 GMT, after rising nearly 9 percent on Thursday, the largest percentage increase since mid-2020.
US West Texas Intermediate crude futures rose $2.75, or 2.7 percent, to $105.73 a barrel, after an eight percent jump yesterday.
But despite the recovery, the two benchmark contracts are heading towards ending the week down by about four percent.
Prices have fallen from a 14-year high hit nearly two weeks ago.
Justin Smirk, chief economist at Westpac in Sydney, said: "I am still expecting more volatility. There is still a lot of uncertainty".
The volatility over the week was led by a supply shortage caused by sanctions against Russia, stalled nuclear talks with Iran, dwindling oil inventories and fears that demand would be hit by an increase in coronavirus cases in China.
Analysts said that Putin’s speech, and statements by a Kremlin spokesman in which he said that a report indicating significant progress in peace talks was incorrect, and described the US president Of the bygones His Russian counterpart Putin that "A criminal of war"All factors led to a wave of buying on Thursday.
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The Russian president denounced Vladimir Putin In a sharply-worded speech yesterday, Thursday, he called “traitors and scum” at home who helped the West, and said that Russian people He would spit on them like mosquitoes, adding to market tension over prolonging the conflict.
Brent crude futures jumped $2.43, or 2.3 percent, to $109.07 a barrel by 0141 GMT, after rising nearly 9 percent on Thursday, the largest percentage increase since mid-2020.
US West Texas Intermediate crude futures rose $2.75, or 2.7 percent, to $105.73 a barrel, after an eight percent jump yesterday.
But despite the recovery, the two benchmark contracts are heading towards ending the week down by about four percent.
Prices have fallen from a 14-year high hit nearly two weeks ago.
“I still expect more volatility. There is still a lot of uncertainty,” said Justin Smirk, chief economist at Westpac in Sydney.
The volatility over the week was led by a supply shortage caused by sanctions against Russia, stalled nuclear talks with Iran, dwindling oil inventories and fears that demand would be hit by an increase in coronavirus cases in China.
Analysts said that Putin’s speech, and statements by a Kremlin spokesman in which he said that a report indicating significant progress in peace talks was incorrect, and described the US president Of the bygones His Russian counterpart Putin as a “war criminal,” all factors led to a wave of buying on Thursday.