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Oil Has Wildest Week on Record With Markets Jolted by War

  • Russian producer Lukoil calls for ‘fast resolution’ to attack
  • WTI crude futures surges 26% this week, over 7% on Friday
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Oil Keeps Rising As Russia Invasion Upends Energy Markets
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Oil posted its biggest weekly gain on record with prices swinging in a $20 range since Russia invaded Ukraine and sparked fears of a major supply crunch.

Futures in New York rose by more than $24 this week, the highest weekly dollar increase on record. Oil extended gains Friday on news the Biden administration is weighing a ban on U.S. imports of Russian crude oil. Brent traded in its biggest range since the launch of the futures contract in 1988 -- eclipsing the wild swings in the global financial crisis of 2008 and when demand plunged in the coronavirus pandemic.