Crude oil and gasoline prices closed lower on Friday due to pre-weekend long liquidation pressure following sharp gains earlier in the week. The US and EU increased sanctions on Russian energy, potentially disrupting Russian crude production and exports. The Trump administration imposed sanctions on Rosneft PJSC and Lukoil PJSC, Russia’s largest oil producers. The EU also adopted sanctions on Russia’s energy infrastructure and shadow-fleet vessels. Concerns about a global oil surplus persist, but a decrease in crude oil stored on tankers is bullish for prices. OPEC+ agreed to a modest increase in crude production, while reduced exports from Russia and potential increases in Iraqi production could impact global oil supplies. US crude oil inventories fell below seasonal averages, and the number of active US oil rigs increased slightly after reaching a 4-year low.

Read more at Yahoo Finance: Crude Oil Falls Back After Thursday’s Rally on US and EU Sanctions on Russian Energy