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Oil Rises in Volatile Trade After Russian Troops Hit Ukraine Power Plant

Crude Oil : prices rebounded on Friday, with WTI crude futures trading at $112 per barrel after falling 2.7% in the previous session amid escalating tensions in Ukraine after a nuclear power plant in Ukraine was hit by Russian troops.

On Thursday, the US oil benchmark suddenly declined from $116 per barrel, its highest level since 2008, amid speculations of a deal with Iran that could allow it to increase crude exports. In spite of volatility, oil is on track to book its strongest weekly gain since the middle of 2020 as Russia’s invasion of Ukraine stoked fears of further supply disruptions.

The US took aim on Wednesday at Russia’s oil refining sector with new export curbs but has so far stopped short of targeting Russia’s oil and gas exports amid concerns over energy prices.

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