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Oil prices dip as market retreats from strong bull run

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Both Brent and WTI fall by more than $1 a barrel; Russian oil quality concerns tighten the market and Saudi Arabia is expected to offset supply gap

London — Oil prices fell on Friday as the market retreated slightly from its strongest bull run in at least a year amid efforts to resume Russian oil flows that were interrupted by contamination.

Crude futures are up about 40% this year on markets tightened by an oil cartel Opec supply pact, sanctions on Venezuela and Iran, as well as unreliable production in Libya. The dip followed Brent’s rise above $75 a barrel for the first time this year on Thursday after Germany, Poland and Slovakia suspended imports of Russian crude via a major pipeline, citing oil quality. The move cut off parts of Europe from a major supply route, though Russia is holding talks on Friday with Poland, Belarus and Ukraine. It has said it plans to start supplying clean oil via a pipeline on April 29.

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