Brent Oil Drops Below $108 After Rally

Brent futures climbed above $108 a barrel on Friday, extending sharp overnight gains amid heightened geopolitical concerns after a Malaysian jetliner was shot down over eastern Ukraine.

Oil prices on both sides of the Atlantic surged about 2 percent on Thursday, recovering from a weeks-long decline, on news of the crash that came a day after the United States slapped sanctions on Russia’s biggest firms for the first time after Moscow’s failure to curb violence in Ukraine.

Brent climbed 40 cents to above $108 a barrel after rising 72 cents in the previous session. U.S. crude rose 30 cents to over $103 after closing $1.99 higher. Both benchmarks were on track for the first weekly gain in four weeks.

CNBC

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