Crude oil futures ended Friday’s session 3.1% percent higher at slightly above $109 per barrel, but posted a 5.7% decline on the week, the biggest weekly drop since November, as investors weighed efforts to bring more supply to the market against fears of an imminent Russia embargo.
The Russian invasion of Ukraine has pushed the US and many Western oil companies to cease purchasing Russian oil and there were some talks about potential supply boost from Venezuela, Iran, and the United Arab Emirates.
The US benchmark touched a 14-year high of $130.5 earlier this week as worries grew over further supply shortages in anticipation of the ban on imports of Russian oil.
The West Texas Intermediate (WTI) benchmark for US crude is the world’s most actively traded commodity.
Source: Trading Economics
WTI Crude records 5.7% drop within week