Oil Steadies as Supply Doubts Linger

Oil prices stabilizing as supply doubts still linger on Friday and were on track for their biggest weekly drops since November after see-sawing on fears of escalating bans on Russian oil versus efforts to bring more supply to market from other major producers.

Brent crude futures inched down 16 cents, or 0.15% to $109.17 a barrel at 0434 GMT after dropping 1.6% in the previous session.

U.S. West Texas Intermediate (WTI) crude futures were up 2 cents, or 0.02%, to $106.04 a barrel, following a 2.5% decline on Thursday.

In a week of volatile trading marked by talk of Russian oil embargoes then potential supply additions from Iran, Venezuela and the United Arab Emirates while fighting escalated in Ukraine, Brent was on track for a weekly fall of about 7% after hitting a 14-year high of $139.13. U.S. crude was headed for a drop of around 8% after touching a high of $130.50.


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