(RTTNews) – Crude oil prices fell slightly in trading on Friday after skyrocketing in the previous session.
Crude for December delivery slipped $0.17, or 0.3 percent, to $61.62 a barrel, after rising $3.29, or 5.6 percent, to $61.79 a barrel during Thursday’s session. Despite a slight decline that day, the price of crude oil rose 7.8 percent during the week.
The fall in crude oil prices may reflect profit-taking after yesterday’s surge, which came after the Trump administration announced sanctions on Russia’s two biggest oil companies.
The Treasury Department announced sanctions against Rosneft and Lukoil, citing Russia’s “lack of serious commitment to the peace process to end the war in Ukraine.”
President Donald Trump recently expressed some optimism about ending the Russia-Ukraine war before abruptly canceling a planned meeting with Russian President Vladimir Putin.
However, selling pressure remained somewhat subdued as reports that China and India planned to suspend Russian oil purchases in response to the sanctions continued to fuel concerns about supply.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Reflect the views of.
