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.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
