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WTI crude futures: surged almost 8% to above $115-per-barrel on Friday, not far from a 14-year high of $116.57 hit in the prior session.

The posting their biggest weekly gain since May of 2020 as US lawmakers push to cut off US imports of oil and petroleum products from Russia.

Despite widening sanctions on Moscow, OPEC+ will stick to an existing pact for a gradual increase in production. OPEC+ agreed to boost output by 400,000 bpd for March,

Leaving it with another 2.6 million bpd of cuts to unwind by the end of September.

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