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Crude Prices Rebound on Ukraine War

Crude Prices Rebound on Ukraine War
Crude Prices Rebound on Ukraine War

Oil prices rebounded on Friday as fears of Western sanctions disrupted Russian oil exports, outweighing the possibility of more Iranian supplies, while reports of a nuclear plant fire in Ukraine spooked markets.
Global stocks fell and oil prices rose on signs of an escalation in the Russia-Ukraine war after reports that a Ukrainian nuclear power plant, Europe's largest, was on fire after an attack by Russian troops, Reuters reported.
Brent crude futures for May rose as high as $114.23 a barrel and were at $112.52, up $2.06, or 1.9%. The contract fell 2.2% on Thursday.
US West Texas Intermediate for April rose $2.37, or 2.2%, to $110.04 a barrel after touching a high of $112.84 earlier in the session. The contract fell 2.6% in the previous session.
Oil prices are set to post their strongest weekly gains since the middle of 2020, with WTI up 18% and Brent up 14% after hitting their highest in a decade this week.
Oil is rising on fears that Western sanctions on Russia over the Ukraine conflict will disrupt shipments from Russia, which is the world's biggest exporter of crude and oil products combined. 
Trading activity for Russian crude oil slowed, as buyers hesitate to make purchases because of the sanctions.
 

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