Oil prices dip after surge, remain on track for weekly gain amid supply fears

Oil prices dipped in early trade on Friday, trimming part of the previous day’s surge but remaining on track for a weekly gain, as fresh U.S. sanctions on Russia’s two biggest oil companies over the war in Ukraine fuelled supply concerns. Brent crude futures fell 54 cents, or 0.8%, to $65.45 at 0200 GMT. U.S. West Texas Intermediate crude futures were down 51 cents, or 0.8%, at $61.28. Both benchmarks jumped more than 5% on Thursday and were set for about a 7% weekly gain, the biggest since mid-June. Russian President Vladimir Putin remained defiant on Thursday after U.S. President Donald Trump hit Russia’s Rosneft and Lukoil with sanctions to pressure the Kremlin leader to end the war in Ukraine. Rosneft and Lukoil together account for more than 5% of global oil output.