The US benchmark West Texas Intermediate (WTI) crude oil was trading around $70.25 on Friday.
WTI prices rose higher as the escalation in the Russia-Ukraine conflict raised concerns about disruptions to crude supplies.
Concerns about a potential escalation in the Russia-Ukraine conflict drove WTI prices this week after Ukraine deployed missiles supplied by the US and UK into Russian territory.
On Thursday, Russian President Vladimir Putin announced the launch of a hypersonic medium-range ballistic missile strike on Ukrainian military facilities and would warn the West that Moscow could strike any of the country’s military installations that use the weapons against Russia.
However, the market focus has now shifted to heightened concerns about an escalation in the war in Ukraine.
Conversely, a build-up in US crude inventories last week could weigh on black crude.
The Energy Information Administration (EIA) weekly report showed that crude oil inventories in the United States for the week ended November 15 rose by 0.545 million barrels compared to a gain of 2.089 million barrels in the previous week.
Furthermore, renewed US Dollar (USD) demand may limit the rise in USD-denominated oil prices for the time being as it makes oil more expensive for holders of other currencies which could reduce demand.
