Oil prices gain..Brent Crude near $108/barrel

Oil prices extended climb on Friday despite of non-progress in Russian-Ukrainian talks.

Both Brent and WTI prices have been supported as the International Energy Agency (IEA) warned that global oil could face the biggest supply crisis in decades.

The IEA said global energy markets could see 3 million bpd of Russian oil output lost from April because of sanctions and buyers shunning exports.

However, the IEA added that oil supply could surge if restrictions or public condemnation escalates.

Meanwhile, Russian president “Vladimir Putin” attacked what he describes as “Russian Traitors and Scum” saying that the West wanted to use them as a “fifth column” to destroy his country.

West Texas Intermediate (WTI) climbed $1.5 or 1.5% to trade at $104.5 a barrel by 0844GMT, while Brent crude, the global benchmark, soared by $1.3 or 1.2.% to trade at $107.9 a barrel.