Crude Falls From $100 With Russian Oil Sanctions Off the Table
- Moscow spared from energy penalties or loss of Swift access
- WTI futures close below $92 after spiking above $100 Thursday
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Oil extended its retreat from a seven-year high after the U.S. reiterated its decision not to sanction Russian energy exports.
Futures in New York closed below $92 a barrel on Friday after falling from highs of $100 the previous day. The pullback came after the U.S. State Department said it won’t sanction Russian crude oil because that would harm U.S. consumers and not Russian President Vladimir Putin. At the same time, the International Energy Agency pledged to help ensure global energy security in the midst of the crisis.