Oil prices fell on Friday (25) after strong increases earlier in the session on concerns about possible disruptions in global supplies due to sanctions on major oil exporter Russia.
Brent futures for April fell $1.15, or 1.2%, to close at $97.93 a barrel after rising as high as $101.99. The most active contract for May fell $1.30, or 1.4%, to $94.12.
US Crude Oil (WTI) fell $1.22, or 1.3%, to close at $91.59 a barrel after touching a session high of $95.64.
For the week, Brent is up 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 topping $105 before losing steam at the close of the session.
On Thursday, US President Joe Biden responded to Russia’s invasion of Ukraine with a wave of sanctions that impede 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 released sanctions, including a move by Germany to suspend certification of an $11 billion Russian gas pipeline.
However, Russia will not have its oil and gas flows specifically hit by sanctions, a US official said. The country is the second largest oil producer in the world and a major supplier of natural gas to Europe.
Source: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
