Futures for Brent crude fell 0.15% to $109.17 a barrel after falling 1.6% in the previous session. WTI crude futures are stable at $106.0 a barrel after falling 2.5% on Thursday.
During a week of volatile trading, marked by reports of Russian oil embargoes and then a possible increase in supplies from Iran, Venezuela and the United Arab Emirates, and an escalation in hostilities in Ukraine, the price of Brent crude is on track for a weekly fall of about 7% after reaching a 14-year high of $139.13. WTI crude fell about 8% after hitting a high of $130.50.
“Both contracts could well fall sharply below $100 a barrel on any news that is perceived as an easing of the supply disruption,” said Geoffrey Halley, an analyst at OANDA.
Similarly, both contracts could easily go back to $115 or more with any negative headlines, he said.
Prices eased this week after it became clear that the European Union, heavily dependent on Russian energy, would not join the US and UK in banning Russian oil.
Russia, the world’s second largest exporter of crude oil after Saudi Arabia, exports about 3 million barrels of oil per day to European OECD countries.
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