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Oil (BZ=F, CL=F)

Oil prices rose on Friday morning, as investors weighed developments on Russia-Ukraine peace talks.

Brent crude (BZ=F) futures climbed 0.5% to $62.47 per barrel at the time of writing, while West Texas Intermediate futures (CL=F) gained 0.7% at $59.08 a barrel.

Speaking in Kyrgyzstan on Thursday, Russian president Vladimir Putin reportedly said that a draft of peace proposals discussed by the US and Ukraine could form the basis of future agreements to end the war.

He said that the US and Ukraine had decided to divide the 28-point peace plan, which came out of discussions between Washington and Moscow, into four separate components and that this new draft had been sent to Russia.

"In general, we agree that this could be the basis for future agreements," Putin said, according to a Reuters report.

However, Putin also said that Russia was prepared to continue fighting if necessary.

He said: "Ukrainian troops must withdraw from the territories they hold, and then the fighting will cease. If they don't leave, then we shall achieve this by armed means. That's it."

According to a BBC report, Ukrainian president Volodymyr Zelensky said after Putin's address on Thursday that Russia "scorned" efforts "to truly end the war".

Hopes of a peace deal to end the war in Ukraine have seen oil prices falling, over expectations that this could result in sanctions being lifted on Moscow and lead to greater oil supply from Russia into the market.