Crude Oil Holds Decline As Supply Risks Mulled

Brent Crude: Oil held its decline to around $119 per barrel on Friday after falling 2.1% in the previous session, as the US and its allies are discussing a possible further coordinated release of oil from storage to help calm markets roiled by the Russia-Ukraine conflict.

The US was also set to unveil a deal on Friday to supply Europe with more US LNG as the EU seeks to reduce its reliance on Russian energy, according to Reuters.

Meanwhile, Brent futures were still up about 10% this week amid multiple risks that threaten more supply shocks in the future,

including fears of further supply disruptions due to sanctions against Russia, a prolonged shutdown of the Caspian Pipeline Consortium terminal damaged by a major storm and a decline US crude inventories

About Haroon Khawaja

Haroon Khawaja Is a Journalist & CEO Of B-Trams , Ex Reporter At Geo News

View all posts by Haroon Khawaja →