Mumbai, Aug. 28 -- Oil prices slipped in early Asian trades on Friday as markets weighed signs of diplomatic progress in the Middle East and improving supply prospects through the Strait of Hormuz. However, crude oil prices may regain their footing amid intensifying conflicts in Eastern Europe. Recent statements from Russian President Vladimir Putin reportedly indicate that negotiations with Ukraine have stalled, prompting Russia to prepare for an escalation of hostilities. The WTI oil futures are currently quoting at $83.15 per barrel, down half a percent on the day and set to close the week lower by over 4% as investors digest encouraging diplomatic signals from the Middle East.
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