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Crude oil futures settle higher on Friday

08 Mar 2025 Evaluate
Crude oil futures settled higher on Friday, after President Donald Trump threatened to impose sanctions on Russia over its continued attacks on Ukraine. A sharp decline in the U.S. dollar and geopolitical uncertainties also helped lift oil prices as investors grappled with an increasingly complex landscape. Some support came after a Russian deputy prime minister reportedly said OPEC+ could reverse its decision to begin increasing production next month if the market appears unbalanced.

Benchmark crude oil futures for April surged $0.68 or about 1.02% at $67.04 a barrel on the New York Mercantile Exchange. Brent crude futures increased $0. 90 or 1.3% to settle at $70.36 a barrel on London's Intercontinental Exchange.