Oil stable above $110 as Ukraine crisis continues

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Crude oil prices rose to stay above $110 per barrel of Brent crude on Friday, at the end of a week that witnessed sharp fluctuations due to conflicting statements regarding a possible increase in production for countries in the “OPEC” alliance.

By 8:12 (GMT), Brent crude contracts for May delivery were trading at 111.88 dollars a barrel, up 2.55 dollars, or 2.33 percent.

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And US West Texas Intermediate crude contracts for April delivery rose 2.1 dollars, or 1.98 percent, to 108.12 dollars a barrel.

Crude prices witnessed strong gains this week, with the United States announcing a ban on energy imports from Russia.

But prices tumbled sharply on Wednesday, falling more than 13% in the biggest daily drop since the collapse of crude prices in April 2020 with the start of the Corona pandemic.

And after statements made by the UAE ambassador in Washington, Yousef Al-Otaiba, in which he said that his country would support the increase in oil production for the “OPEC” alliance, which caused a wide confusion in the markets.

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On Thursday, UAE Energy Minister Suhail Al Mazrouei confirmed his country’s commitment to the cautious production plan of the “OPEC” alliance, contradicting the statements of his country’s ambassador in Washington.

Crude prices are heading to record a weekly loss of about 10 percent for both Brent and US crude.

Since the start of the Russian military operation in Ukraine on February 24, the global oil supply has been severely disrupted, and prices have risen to the highest level since 2014.