New Russian Sanctions Leave Oil Mixed – 5 April, 2022

Oil recovered from earlier losses but remained mixed as a threat of new sanctions against Russia raised supply concerns. Brent crude futures were up 11 cents or 0.1% to $106.75 per barrel, having fallen to $105.06 earlier in the session. U.S. West Texas Intermediate shed 11 cents or 0.1% to $101.85 per barrel, dropping as low as $100.37 earlier in the session. After a slew of war crimes, the United States and its allies drew up new sanctions against Moscow after Russia targeted civilians, though they have denied these claims. Growing supply concerns erased earlier price falls due to a stronger dollar, with the dollar edging up to its highest level in nearly two years on Wednesday. Against analysts forecast of a 2.1 million barrel decline, crude stock rose by 1.1 million barrels in the week ended April 1.