Oil prices tick higher amid supply doubts

FOX Business Flash top headlines for March 10

Here are your FOX Business Flash top headlines for March 10.

Oil was trading higher Friday morning in a week that saw wild swings in price.

U.S. benchmark crude added $1.20 to reach $107.27 per barrel after falling Thursday by $2.68 to reach $106.02 per barrel.

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Brent crude, the basis for international pricing, rose $1.46 to hit $110.90 per barrel.

silhouette of working oil pumps on sunset background (iStock / iStock)

Both Brent and U.S. benchmark oil are up more than 40% for 2022 so far, though they remain below the peaks they hit earlier this week, when U.S. oil briefly topped $130.

U.S. crude was on track for a weekly fall of around 8% after touching a high of $130.50. 

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Brent was heading for a decline of about 7% after hitting a 14-year high of $139.13, according to Reuters.

Petrol pump filling nozzles. Fuel at gas station close up (iStock / iStock)

The U.S. House of Representatives passed a bill to suspend energy imports from Russia Wednesday, a day after President Biden signed an executive order enacting a similar ban.

Prices eased this week after it became clear that the European Union would not join the United States and Britain in banning Russian oil.

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Russia exports about 3 million barrels per day of crude to Europe's OECD countries.

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