Brent crude futures for April fell $1.15, or 1.2%, to close at $97.93 a barrel, after rising to $101.99 (Photo: Gary Tramontina/Getty Images)
prices petroleum It fell on Friday after sharp gains earlier in the session on fears of a possible disruption to global supplies due to sanctions imposed on Russia, the main oil exporter.
Brent crude futures for April fell $1.15, or 1.2 percent, to close at $97.93 a barrel, after rising to $101.99. The most active contract in May fell $1.30, or 1.4 percent, to $94.12.
And US crude (West Texas Intermediate) fell 1.22 dollars, or 1.3 percent, to close at 91.59 dollars a barrel, after touching the highest level in the session at 95.64 dollars.
Over the course of the week, Brent crude rose about 4.7%, while WTI was on track to advance about 0.6%.
On Thursday, Russia’s invasion of Ukraine pushed prices above $100 a barrel for the first time since 2014, with Brent exceeding $105 before losing ground at the end of the session.
On Thursday, US President Joe Biden responded to Russia’s invasion of Ukraine with a wave of sanctions that impeded Russia’s ability to do business in major currencies, along with sanctions against banks and state-owned companies.
The United Kingdom, Japan, Canada, Australia and the European Union have also issued sanctions, including Germany’s move to suspend certification of an $11 billion Russian gas pipeline.
However, a US official said that Russian oil and gas flows would not be specifically affected by the sanctions. The country is the world’s second largest oil producer and a major supplier of natural gas to Europe.
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