Oil prices dip after soaring on Russia’s invasion of Ukraine

NEW YORK, Feb 25 (Reuters) – Oil prices slipped Friday after sharp rises early in the session on concern over potential global supply disruptions from sanctions on major crude exporter Russia.

The April Brent crude futures contract fell $1.15, or 1.2%, to settle at $97.93 a barrel, after climbing as high as $101.99. The more active May contract shed $1.30, or 1.4%, to $94.12.

U.S. West Texas Intermediate (WTI) crude fell $1.22, or 1.3%, to settle at $91.59 a barrel, after hitting a session high of $95.64.

For the week, Brent rose about 4.7%, while WTI was on track to rise about 0.6%.

On Thursday, Russia’s invasion of Ukraine boosted prices above $100 a barrel for the first time since 2014, with Brent touching $105, before paring gains by the close of trade.

The assault was the biggest attack on a European state since World War Two, prompting tens of thousands of people to flee their homes. On Friday, Russian missiles pounded Kyiv, families cowered in shelters and authorities told residents to prepare Molotov cocktails to defend Ukraine’s capital. read more