Oil futures finished higher on Friday, lifted by supply limits and worries of a Russian strike on neighboring Ukraine, pushing prices into the fourth week of increases, despite reports that China is planning to withdraw from its oil reserves during the Lunar New Year.
According to “Reuters,” Brent crude futures closed the trading day up to $1.59, or 1.9 percent, at $86.06 per barrel, the highest level in two and a half months, and up 5.4 percent for the week.
West Texas Intermediate oil contracts increased $1.70, or 2.1 percent, to $83.82 per barrel, a 6.3 percent increase over the previous week.
Officials in the US have voiced fear that Russia is ready to launch an assault on Ukraine if diplomacy fails. Russia, which has gathered 100,000 troops on the Ukrainian border, has published images of its military in action.