Baghdad: Oil prices declined in early trading on Friday, heading for a second consecutive weekly drop amid growing expectations of a peace agreement between Russia and Ukraine and the potential easing of sanctions on Russian oil. Brent crude futures fell nine cents, or 0.2 percent, to $59.73 a barrel, while U.S. West Texas Intermediate crude futures dropped 16 cents, or 0.3 percent, to $55.99 a barrel. According to National Iraqi News Agency, on a weekly basis, both benchmark crudes fell by more than two percent. The market is closely monitoring the developments between Russia and Ukraine, as a peace agreement could lead to a shift in global oil supply dynamics. The potential lifting of sanctions on Russian oil is also a significant factor influencing market sentiment, as it could increase supply and further pressure prices.