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Oil Rally Cools as U.S. Spares Russian Supplies From Sanctions

  • U.S. coordinating with other nations on potential release
  • WTI trading at $93, falling from its highs of $100 a barrel
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Oil Market Implications of Russia’s Attack on Ukraine
Updated on

Oil pared most of its gains after President Joe Biden said the U.S. is working with major consuming nations to coordinate a collective release from strategic petroleum reserves, while continuing to spare Russian supplies from sanctions. 

Futures in New York closed under $93 a barrel and Brent slipped under $100 a barrel after earlier soaring to as high as $105.79 in the immediate aftermath of Russia’s invasion of Ukraine. Biden sanctioned Russia’s five major banks but said that energy supplies will be omitted from sanctions at this time. Biden also floated the potential for more oil barrels to be released from strategic reserves in coordination with other nations.