Crude oil prices rose slightly on Friday but were set to drop roughly 3% for the week after consuming countries agreed to release 240 million barrels of oil from emergency reserves to help overcome Russian supply disruptions. 

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Brent crude prices increased 13 cents, or 0.1%, to $100.71 a barrel, while WTI crude futures rose 35 cents, or 0.4%, to $96.38 a barrel in the United States.

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Analysts told Reuters that the emergency oil release, which amounted to about 1 million barrels per day from May to the end of the year, would limit price increases in the short term but would not fully compensate for volumes lost due to sanctions imposed by the US over Russia’s invasion of Ukraine, which Moscow refers to as a “special operation.”

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“Although this is the biggest release since the stockpile was created in 1980, it will fail to ultimately change the fundamentals in the oil market. It is likely to delay further increases in output from key producers,” said ANZ Research analysts.  

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The release may deter producers, including the Organization of the Petroleum Exporting Countries (OPEC) and U.S. shale producers, from accelerating output increases even with oil prices around $100 a barrel, they said.

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Meanwhile, the European Union’s consideration of a ban on Russian oil, following its proposal to embargo Russian coal, will limit any short-term decline in oil prices.

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“In the court of public opinion, pressure is mounting on Brussels to act, and if that pressure valve pops and the EU sanctions Russian oil, we could see Brent crude at $120 in a heartbeat,” said Stephen Innes, managing director of SPI Asset Management.