Oil Climbs for Second Day on Supply Fears Due to US Sanctions on Russian Companies

Oil prices edged up on Friday, extending the previous day's surge and on track for a weekly gain as U.S. sanctions on Russia's two biggest oil companies over the war in Ukraine spurred supply concerns.

Brent crude futures rose 46 cents, or 0.7%, to $66.45 by 1125 GMT. U.S. West Texas Intermediate crude futures also advanced 46 cents, or 0.7%, to $62.25.

"Everyone is waiting for signs of how big the impact is of the new sanctions on Russia. The market is in a wait-and-see mode to see what happens to the flows...

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