Crude Oil Pulls Back Modestly But Surges For The Week

(RTTNews) - After skyrocketing in the previous session, the price of crude oil has shown a modest move back to the downside during trading on Friday.

Crude for December delivery slipped $0.17 or 0.3 percent to $61.62 a barrel after soaring $3.29 or 5.6 percent to $61.79 a barrel during Thursday's session. Despite the modest pullback on the day, the price of crude oil surged by 7.8 percent for the week.

The decrease by the price of crude oil may have reflected profit taking following yesterday's surge, which came after the Trump administration announced sanctions on Russia's two largest oil companies.

The Treasury Department announced sanctions against Rosneft and Lukoil, citing Russia's "lack of serious commitment to a peace process to end the war in Ukraine."

President Donald Trump recently expressed some optimism about ending the drawn-out Russia-Ukraine war before suddenly canceling a planned meeting with Russian President Vladimir Putin.

Selling pressure remained somewhat subdued, however, as reports China and India plan to suspend Russian oil purchases in response to the sanctions led to continued concerns about supply.