Oil rises above $99 amid new sanctions on Russia

The price of oil rose above $99 a barrel on Friday as the U.S. and European Union expanded sanctions against Russia and warned of possible penalties against its energy industry.

Benchmark U.S. crude for May delivery rose 56 cents at settle at $99.46 a barrel in New York. The day before, it had dropped 27 cents. Sanctions in response to Russia's annexation of the Crimean Peninsula from Ukraine grew to include a bank and 20 individuals considered close to Russian President Vladimir Putin. Individuals included his chief of staff, Sergei Ivanov, and Gennady Timchenko, a businessman with interests in the energy sector.

"We need to add a risk premium to oil prices as U.S. sanctions start to get closer to Russian oil and gas," said Olivier Jakob of Petromatrix in Switzerland. Oil prices were held in check by data showing U.S. crude supplies rose by nearly 6 million barrels for the week ended March 14. Oil production continues to rise, but refineries are converting less of it to gasoline and diesel fuel because they're undergoing seasonal maintenance work.

Brent crude, used to set prices for international varieties of crude, rose 47 cents to settle at $106.92 a barrel in London. In other energy futures trading in New York: — Wholesale gasoline added 1.2 cents to $2.91 a gallon.

— Heating oil edged up 0.1 cent to $2.92 a gallon. — Natural gas fell 5.6 cents to $4.31 per 1,000 cubic feet.

Related Headlines

  • Russia challenges EU energy market rules

    Russia has filed a complaint against the European Union's energy market laws claiming they violate international rules, the World Trade Organization said Thursday. Among the ... 

  • Vladimir Putin, Heinz Fischer

    Putin says US trying to derail gas pipeline plan

    The U.S. is trying to derail a project to build a gas pipeline that bypasses Ukraine to supply Europe, Russian President Vladimir Putin said Tuesday after Russian and Austrian ... 

  • Gas prices, oil prices

    Scant relief: Summer gas price to dip a penny

    Drivers will get the slightest of breaks on gasoline prices this summer, according to the Energy Department. The national average price is forecast to fall — by just one cent ... 

  • Barack Obama

    Obama orders new round of sanctions on Russia

    Seeking to intensify pressure on Russia, President Barack Obama on Thursday expanded U.S. economic sanctions against Moscow over its actions in Ukraine, targeting President ... 

Find the best rates

Find your future job here