FX.co ★ Crude Oil Extends Yesterday's Pullback But Posts Weekly Gain

The crude oil market experienced a noticeable decline on Friday, following a significant drop during the preceding trading session. On Thursday, crude oil plummeted by $1.36, or 1.7%, settling at $78.68 per barrel. By Friday, February futures continued their downward trend, decreasing by $0.80, or 1.0%, to end at $77.88 per barrel. Despite this downturn at the week's end, February crude oil still recorded a weekly increase of approximately 1%, driven by robust gains on both Monday and Wednesday.

This recent resilience in crude oil prices has been largely attributed to potential supply disruptions linked to new U.S. sanctions imposed on Russia, which have further influenced upward price movements.