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With the escalation of tension in Ukraine
Oil prices rose 3% to their highest levels in seven years following mounting fears that Russia, a major energy producer, would invade Ukraine heightened fears of tight global crude oil supplies.
On Friday, Brent crude futures rose $3.03, or 3.3%, to $94.44 a barrel, while US West Texas Intermediate crude rose $3.22, or 3.6%, to $93.10 a barrel.
The two benchmarks touched their highest levels since late 2014, exceeding record levels recorded on Monday, and also recorded gains for the eighth consecutive week, amid growing concerns regarding global supplies as demand recovers from the Corona virus pandemic.
