25 Feb 2022
Oil Prices Dropped after Sharp Rises as Russia Advances further on Ukraine
The Index Today
Oil prices finally dropped on Friday, after sharp rises in the session, on concern over potential global supply disruptions from sanctions on major crude exporter Russia.
Recent data released shows that the April Brent crude futures contract was down 33 cents, or 0.3%, to $98.75 a barrel at 1045 GMT, after climbing to as high as $101.99. The more active May contract shed 40 cents, or 0.4%, to $98.75.
U.S. West Texas Intermediate (WTI) crude was down 30 cents, or 0.3%, to $92.51 a barrel, after hitting a session high of $95.64.
Russia's invasion of Ukraine on Thursday caused prices to surge above $100 a barrel for the first time since 2014, with Brent touching $105, before paring gains by the close of trade, Reuters reported.