U.S. West Texas Intermediate crude were down 30 cents, or 0.3 per cent, to $92.51 a barrel, after hitting a session high of $95.64.
In response to the invasion, U.S. President Joe Biden hit Russia with a wave of sanctions on Thursday, measures that impede Russia’s ability to do business in major currencies along with sanctions against banks and state-owned enterprises. Biden also said the United States is working with other countries on a combined release of additional oil from their strategic crude reserves.
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