Oil futures gain 1.5% for the week on Russia-Ukraine developments

Oil futures declined on Friday, with U.S. prices paring their gain for the week to 1.5% in the wake of Russia’s invasion of Ukraine. “Energy traders realize that war in Ukraine probably won’t lead to any disruptions of Russian crude to Europe,” said Edward Moya, senior market analyst at OANDA. Still, the situation in Ukraine continues to escalate as Russian forces make a move for Ukraine’s capital, he said. Taking over Kyiv “would be followed by a strong reaction from Western leaders, which should suggest all sanctions remain on the table, including Russia crude oil and [natural] gas.” West Texas Intermediate crude for April delivery CLJ22, -0.94% fell $1.22, or 1.3%, to settle at $91.59 a barrel on the New York Mercantile Exchange.