Oil Set for Fourth Straight Week of Gains as Investors Assess US Sanctions
Oil prices moved lower on Friday but remained on course for a fourth consecutive week of gains, as the latest U.S. sanctions on Russian energy trade heightened expectations for oil supply disruptions.
Brent crude futures were down 57 cents, or 0.70%, at $80.72 per barrel by 1433 GMT, having gained 1.15% this week.
U.S. West Texas Intermediate crude futures were down 44 cents, or 0.56%, at $78.24 a barrel, having climbed 2.13% for the week.
"The oil market is in a bit of a wait-and-see mode, to understand if there are any supply disruptions based on the latest U.S. sanctions versus Russia," UBS analyst Giovanni Staunovo said.
Last week, the Biden administration unveiled broader sanctions targeting Russian oil producers and tankers.
Investors are also assessing potential implications of President-elect Donald Trump's return to the White House on Monday. Trump's pick for Treasury secretary said he was ready to impose tougher sanctions on Russian oil.
"While comments from Rubio and Bessent point in a direction of potential further sanctions impacting oil producers, market participants prefer to wait on what the next U.S. president will decide," Staunovo said, referring to U.S. Senator Marco Rubio, who is Trump's pick for U.S. secretary of state.
Source : Reuters
