Doha: Oil prices remained stable on Friday, setting the stage to end a two-week losing streak as diminishing hopes for a swift peace agreement between Russia and Ukraine increased the geopolitical risk premium in energy markets. According to Qatar News Agency, Brent crude futures slipped marginally by 4 cents, settling at $67.63 a barrel, while West Texas Intermediate (WTI) crude futures saw a slight decrease of 1 cent, closing at $63.51. Despite these minimal changes, both benchmarks had experienced gains exceeding 1% in the previous session. Over the week, Brent crude recorded a 2.7% increase, with WTI rising by 1.1%. The stabilization in prices was further bolstered by an unexpected reduction in US crude inventories, indicating strong demand. The US Energy Information Administration reported on Wednesday a drawdown of 6 million barrels in crude stockpiles for the week ending August 15. Investors are also focusing on the annual Jackson Hole economic symposium in Wyoming for cues on a potential Federal Re serve interest rate cut next month. A reduction in borrowing costs could potentially enhance economic activities and increase oil demand, providing further support to oil prices.
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