NEW YORK: Oil prices climbed on Saturday as traders assessed risks of supply disruptions amid the Russia-Ukraine conflict.
The West Texas Intermediate (WTI) for April delivery added 3.31 U.S. dollars, or 3.1 percent, to settle at 109.33 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery increased 3.34 dollars, or 3.1 percent, to close at 112.67 dollars a barrel on the London ICE Futures Exchange.
For the week, the WTI declined 5.5 percent and Brent lost 4.6 percent, based on the front-month contracts.
The weekly slide came as concerns about disruptions to energy supplies from Russia in the immediate future have somewhat eased.
Russian President Vladimir Putin said Thursday that the country would continue to meet its energy export obligations.
Meanwhile, the International Energy Agency has signalled its willingness to release further oil from emergency reserves if necessary.
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