WTI crude oil futures fell to $78 per barrel and Brent crude oil futures fell below $81 per barrel on Friday but remained on track for a fourth consecutive week of gains, driven by concerns over US sanctions on Russian energy.
Last week, the Biden administration imposed broader sanctions targeting Russian oil producers and tankers, raising fears of supply disruptions. Investors are also watching for potential impacts from President-elect Donald Trump's return to office, as his Treasury pick has signaled tougher sanctions on Russia.
Meanwhile, expectations of a ceasefire deal in Gaza, which could reduce attacks on ships by Yemen's Houthi militia, also weighed on prices. The market was supported earlier in the day by signs of easing inflation in the US and strong growth in China, the world's top oil importer.
Source : Trading Economics
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