Crude Oil Ends Lower On Demand Worries, Russia Sanctions; Sheds 1.1% For Week

U.S. crude oil shed early gains to end lower Friday, on renewed concerns of a global supply glut even as the U.S. imposed new sanctions on Russia for its involvement in stoking the conflict in eastern Ukraine, which follows the European Union sanctions earlier this week. Oil futures shed about 1.1 percent for the week. Notwithstanding the ceasefire in eastern Ukraine, the U.S. Treasury Department on Friday announced a new round of sanctions against Russia, targeting Russia's largest bank Sberbank, which accounts for approximately one-quarter of Russian banking assets and one-third of its banking capital. The U.S. Treasury Department also deepened existing sanctions on other Russian financial institutions, expanded sanctions on Russia's energy sector, and increased the number of sanctioned Russian entities in the energy and defense sectors. Treasury Secretary Jacob Lew said Russia continues to try to destabilize eastern Ukraine and subsequently determined that persons operating within
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