Oil prices tick higher amid supply doubts
Both Brent and U.S. benchmark oil are up more than 40% for 2022
FOX Business Flash top headlines for March 10
Here are your FOX Business Flash top headlines for March 10.
Oil was trading higher Friday morning in a week that saw wild swings in price.
U.S. benchmark crude added $1.83 to reach $107.85 per barrel after falling Thursday by $2.68 to reach $106.02 per barrel.
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Brent crude, the basis for international pricing, rose $2.21 to hit $111.56 per barrel.
silhouette of working oil pumps on sunset background (iStock / iStock)
Both Brent and U.S. benchmark oil are up more than 40% for 2022 so far, though they remain below the peaks they hit earlier this week, when U.S. oil briefly topped $130.
U.S. crude was on track for a weekly fall of around 8% after touching a high of $130.50.
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Brent was heading for a decline of about 7% after hitting a 14-year high of $139.13, according to Reuters.
Petrol pump filling nozzles. Fuel at gas station close up (iStock / iStock)
The U.S. House of Representatives passed a bill to suspend energy imports from Russia Wednesday, a day after President Biden signed an executive order enacting a similar ban.
Prices eased this week after it became clear that the European Union would not join the United States and Britain in banning Russian oil.
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Russia exports about 3 million barrels per day of crude to Europe's OECD countries.