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Oil prices posted weekly gains amid supply concerns.
Oil prices rose more than 2% on Friday, November 14, supported by supply concerns after the Black Sea port of Novorossiysk halted oil exports following a Ukrainian drone attack that hit an oil storage facility in one of Russia's key energy hubs.
Brent crude futures rose $1.38, or 2.19%, to settle at $64.39, posting a weekly gain of about 1.19%.
Meanwhile, U.S. crude futures rose $1.40, or 2.39%, to settle at $60.09, posting a weekly gain of about 0.57%.
Investors are also monitoring the impact of Western sanctions on Russian oil supplies and trade flows.
On Friday, Britain issued a special license allowing companies to continue working with two subsidiaries of the sanctioned Russian oil company Lukoil in Bulgaria, after the Bulgarian government seized the assets.
The United States imposed sanctions prohibiting dealings with the Russian oil companies Lukoil and Rosneft after November 21, as part of efforts to pressure the Kremlin to enter peace talks on Ukraine.
JP Morgan said on Thursday that about 1.4 million barrels per day of Russian oil, nearly a third of the country's seaborne export capacity, had been added to storage on tankers, as unloading operations slowed due to the US sanctions on Rosneft and Lukoil. The bank added that unloading the shipments could become even more difficult after the November 21 deadline for taking delivery of oil supplied by the two companies.
