U.S. crude price steadied Friday despite the escalating tensions in Ukraine which ignited concerns about the global energy supplies.
Lingering geopolitical tensions continued to support the crude prices, especially the Brent crude, a benchmark for international oils.
Russia is an important oil producer, and most of Russian crude and gas exports to Europe pass through Ukraine. Any political uncertainty in this area could raise concerns about oil supplies issues globally.
The European Union said it was working to hit Russian industries with a new round of sanctions. The U.S. on July 16 imposed sanctions on Russian companies.
Traders worried that the possibilities of tougher sanctions against Russia may spark an oil disruption in Europe.
The tightening situation in Gaza added worries about the supplies from the oil-rich region. Four Israeli army tanks on Thursday shelled a UN-run school in a northern Gaza Strip town, killing 16 and wounded dozens of civilians who took refuge in the school.
U.S. price was under pressure from the ample supplies. Despite a draw in last week's inventories, U.S. crude production reached 8. 565 million a day last week, as the Energy Information Administration (EIA) said Wednesday, nearing the record level since 1986,
Light, sweet crude for September delivery moved up 2 cents to settle at 102.09 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 1.32 dollars to close at 108.39 dollars a barrel.