Oil continued to settle higher as the market avoid Russian barrels

International benchmarks for crude oil concluded the week with 7% gains on Friday, 4 March 2022 as supply shortages worsen now that buyers avoid taking up Russian barrels following talks of the US and the EU might impose a total ban on the country’s crude. 

Brent jumped $7.65 or 6.9% to close at $118.11/barrel. 

WTI rose $8.01 or 7.4% to close at $115.68/barrel. 

Throughout the week, Brent has accumulated a total gain of 21% and WTI of 26%.