The de facto buyers’ strike on Russian crude that began a month ago propelled oil prices to their highest levels in years. Now the real effects are starting to create a second wave of impact. The post Oil Prices Stay High as Russian Crude Shortage Hits Market first appeared on Online Web Store Site.
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U.S. crude oil ends 1.2% lower Friday and logs steepest weekly skid since October
Crude-oil futures finished sharply lower Friday, with the commodity staging a turnaround from earlier gains after a better-than-expected report on U.S. employment helped to deliver a fillip to the U.S. dollar, weighing on assets priced in the currency. West Texas Intermediate crude for September delivery closed down 81 cents, or 1.2%, to settle at $68.28 a barrel, with a weekly slide of 7.7%, based on the most-active contract at last week’s settlement. The weekly decline marked the sharpest for the contract since the week ended Oct. 30, FactSet data show. The dollar was climbing 0.6% on the day and 0.7% on the week, as gauged by the ICE U.S. Dollar Index .
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