Global crude eases after 5% spike despite US sanctions

International crude oil prices traded largely range bound Friday, oscillating between marginal gains and losses, with analysts attributing them to mild profit booking-The analysts also ruled out any panic among global oil buyers even as the US administration tightens grip on Russia, a key supplier of energy world over.At the time of filing this report,Brent oil futureswere trading at USD 66.19 per barrel, up 0.3 per cent, against marginally low an hour ago. Similarly, WTI oil futures were at USD 62.00 per cent, up 0.36 per cent, versus a tad low moments ago.On Thursday, oil prices rose more than 5 per cent on Thursday.

- TBG NETWORK

According to SBI Securities, Brent crude surged by 5 per cent following reports that Chinavs state-owned oil companies have halted their purchases of seaborne Russian oilin response to the sanctions imposed by the United States on Russian oil firms Rosneft and Lukoil.By far this week, they (Brent oil futures) soared about 8 per cent, cumulatively, and are on course for their strongest weekly gain sinceJuneas fresh US sanctions on major Russian producers invariably caused supply concerns.