Analysts believe that further actions targeting Russian oil could pose a greater risk to supplies than the Trump administration's sanctions on Venezuelan oil tankers. Analysts at Bank of America predict that lower oil prices will reduce the available supply. Oil prices stabilized at $60 per barrel on Friday, halting a two-week decline amid fears of supply disruptions due to the sanctions on Venezuelan oil tankers. Brent crude futures rose by 0.60% to $60.80 per barrel, up from $60.60 on Thursday. U.S. West Texas Intermediate crude increased by 0.82% to $55.06 per barrel.
Oil Prices Stabilize Amid Supply Disruption Fears
Analysts warn that new sanctions on Russian oil could be more damaging to global supply than previous Venezuelan sanctions. Oil prices rebounded after a two-week decline.