Oil prices slip as Biden stops short of sanctioning Russian crude

Last updated: February 25, 2022 3:23 pm

WNews

Published: February 25, 2022

1 Min Read

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North American oil prices fell on Friday after U.S. President Joe Biden’s government signalled it won’t sanction Russian crude oil because of the impact it could have on pump prices.

Prices had spiked this week after Russia’s decision to invade Ukraine.

The European oil benchmark, Brent crude, slid to $98 US on Friday after topping $105 a barrel a day earlier, its highest level since 2014.

The North American benchmark, West Texas Intermediate, fell slightly to $92 after flirting with $100 on Thursday.

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“The sanctions will not target the oil flows as we go forward,” Amos Hochstein, the U.S. State Department’s senior

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