U.S. crude ends below $95/bbl as EU tweaks Russian oil sanctions | Reuters

U.S. crude ends below $95/bbl as EU tweaks Russian oil sanctions | Reuters

U.S. crude prices settled below $95 a barrel for the first time since April in choppy trading on Friday after the European Union said it would allow Russian state-owned companies to ship oil to third countries under an adjustment of sanctions agreed by member states this week.

U.S. West Texas Intermediate crude (WTI) settled $1.65, or 1.7%, lower at $94.70 a barrel, while Brent crude futures fell 66 cents, or 0.6%, to $103.20.

WTI closed lower for the third straight week, pummelled over the past two sessions after data showed that U.S. gasoline demand had dropped nearly 8% from a year earlier in the midst of the peak summer driving season, hit by record prices at the pump. read more

In contrast, signs of strong demand in Asia propped up the Brent benchmark, which settled higher for the first time in six weeks.

Trading in oil futures has been volatile in recent weeks as traders try to reconcile possibilities of further interest rate hikes that could cut demand against tight supply from the loss of Russian barrels.