Crude oil trade remained traded high as the Ukrainian offensive entered its second day with concerns over global fuel supply disruptions continuing to rise due to the crisis.
In the European session, Brent crude futures continued to strengthen at around $ 101.90 a barrel with an increase of almost 3% recorded today. Meanwhile, US WTI traded strong at $ 95 a barrel after rising 2.2%.
Russia’s actions in attacking Ukraine have caused oil prices to soar below $ 100 a barrel for the first time since 2014 on Thursday, with Brent hitting $ 105, before cutting gains ahead of the close of trading.
This follows a statement from US President Joe Biden that the sanctions they have imposed on Russia will not affect their economy.
He also said Washington would work with other major consumer countries on adjusted reserve emissions to address oil shortages.
Even so, oil prices have rebounded as other sanctions imposed by the US and its allies are seen as potentially causing supply disruptions as Russia is one of the world’s largest producers.
Meanwhile, U.S. crude oil stocks continued to decline in Cushing, Oklahoma, approaching critical levels that could push up further oil prices.
