(Bloomberg) — Oil extended its retreat from a seven-year high after the U.S. reiterated its decision not to sanction Russian energy exports.
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Futures in New York traded near $91 a barrel on Friday, falling from its highs of $100 a barrel earlier in the week. Friday’s pullback came after the U.S. State Department said it won’t sanction Russian crude oil because that would harm U.S. consumers and not Russian President Vladimir Putin. At the same time, the International Energy Agency pledged to help ensure global energy security in the mids of the crisis.
“It seems that the U.S. and its allies want to inflict pain on Russia but do not want to impede their ability to deliver energy products to the world,” said Bart Melek, head of commodity strategy at TD Securities.
On Thursday, oil surged to $100 as Russia launched an attack as Russia launched an attack on…
