Oil prices fell on Friday after sharp increases during the session on fears of possible disruption to international supplies following the imposition of sanctions on oil-exporting Russia.<\/p>\n\n\n\n
Brent crude futures for April fell 33 cents, or 0.3 percent, to $98.75 a barrel at 1045 GMT, after jumping to $101.99. May contracts fell 40 cents, or 0.4 percent, to $98.75 a barrel.<\/p>\n\n\n\n
West Texas Intermediate crude fell 30 cents, or 0.3 percent, to $92.51 a barrel, after hitting an intraday high of $95.64.<\/p>\n\n\n\n
Russia’s invasion of Ukraine on Thursday pushed prices above $100 a barrel for the first time since 2014, and Brent crude touched $105 a barrel.<\/p>\n\n\n\n
In response to the invasion, US President Joe Biden imposed a raft of sanctions on Thursday, measures aimed at hampering Russia’s ability to use major currencies as well as sanctions against some banks and state-owned enterprises.<\/p>\n\n\n\n
Britain, Japan, Canada, Australia, and the European Union also imposed sanctions, including a move by Germany to stop a license to develop a Russian gas pipeline at a cost of $11 billion.<\/p>\n\n\n\n
But a US official said Russian oil and gas supplies were not specifically targeted by sanctions.<\/p>\n\n\n\n
Russia is the world’s second-largest oil producer and a major supplier of natural gas to Europe.<\/p>\n\n\n\n
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, or the cartel known as OPEC+, meet on Wednesday to determine whether they will abide by the current production deal, which calls for an increase in production by 400,000 barrels per day in April.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices fell on Friday after sharp increases during the session on fears of possible disruption to international supplies following the imposition of sanctions on oil-exporting Russia. Brent crude futures for April fell 33 cents, or 0.3 percent, to $98.75 a barrel at 1045 GMT, after jumping to $101.99. May contracts fell 40 cents, or …<\/p>\n","protected":false},"author":9,"featured_media":58819,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,36],"tags":[8853,7804,7214,7156,6917,8431,8611,7004,8854,8110,6909],"class_list":["post-60964","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates","tag-backwardation","tag-baker-hughes","tag-biden","tag-brent","tag-eu","tag-iran","tag-oil-rigs-count","tag-opec-2","tag-russian-invasion-of-ukraine","tag-ukraine","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/60964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=60964"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/60964\/revisions"}],"predecessor-version":[{"id":60966,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/60964\/revisions\/60966"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/58819"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=60964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=60964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=60964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}