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Brent Crude Oil Holds Up On Supply Concerns

Brent crude Oil futures: held above $100 per barrel on Friday following a dramatic session that saw the UK benchmark hit $105 before giving up gains, amid concerns that financial sanctions on Russia may disrupt global fuel supply chains.

Oil has earlier pared most of Thursday’s gains as US president Joe Biden unveiled new sanctions on Russia, but made it clear that Western powers were not willing to sacrifice their own economies to penalize Moscow for invading Ukraine.

Biden also addressed energy supply concerns, saying the US will work with other major consuming nations on a coordinated reserves release. Japan and Australia indicated they may be part of an international reserves release, but China said it had no immediate plans to intervene in oil markets.

Meanwhile, US crude stockpiles continued to slide at Cushing, Oklahoma, approaching critical levels which could spur further oil run ups.