Crude oil futures ended lower on Friday after European Union (EU) reached an agreement on the 18th round of sanctions against Russia over its aggression in Ukraine. The package proposes a ban on transactions with Nord stream gas pipelines, and the EU wants lower the G7 price cap on Russia's crude oil to $47.60 per barrel from $60. These sanctions when implemented could deal a blow to Russia's oil and energy industries.
Benchmark crude oil futures for August declined $0.24 or about 0.36% at $67.30 a barrel on the New York Mercantile Exchange. Brent crude for September decreased $0.24 or about 0.35% at $69.28 a barrel on London's Intercontinental Exchange.