Baghdad Oil prices rose today, Friday, but they are on their way to their biggest weekly decline since November, after fears of an escalation of the Russian oil embargo revived in exchange for efforts to bring more supply to the market from other major producers.
Brent crude futures rose to 111.81 dollars a barrel, after falling 1.6 percent in the previous session, according to “Reuters”.
West Texas Intermediate (WTI) crude futures rose $2, or 1.89%, to $108.02 a barrel, after a 2.5% drop Thursday.
In a week of volatile trading marked by talk of a Russian oil embargo and then potential supply additions from Iran, Venezuela and the United Arab Emirates while fighting escalated in Ukraine, Brent crude was on track for a 5.2% weekly drop after hitting a 14-year high.
Prices fell this week after it became clear that the European Union, which relies heavily on Russian energy, would not join the United States and Britain in banning Russian oil.
Russia, the second largest exporter of crude oil in the world after Saudi Arabia, exports about 3 million barrels per day of crude to the countries of the Organization for Economic Cooperation and Development in Europe.
Source: National Iraqi News Agency