Doha: Oil prices fell on Friday, heading for a second straight weekly decline, amid growing expectations of a potential peace agreement between Russia and Ukraine and the prospect of an easing of sanctions on Russian oil supplies. Brent crude futures slipped 9 cents, or 0.2%, to $59.73 a barrel, while US West Texas Intermediate (WTI) crude futures declined 16 cents, or 0.3%, to $55.99 a barrel.

According to Qatar News Agency, on a weekly basis, both benchmark crude contracts recorded losses of more than 2%, pressured by expectations of increased global supply should sanctions on Russian oil be relaxed.