Here are your FOX Business Flash top headlines for March 24.
Oil prices traded lower on Friday morning as the United States and allies considered releasing more oil.
U.S. West Texas Intermediate (WTI) crude futures fell 32 cents to $111.94 a barrel, having dropped 2.3% in the previous session.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Brent futures slipped 11 cents to $118.92 a barrel, after sliding 2.1% on Thursday.
Both contracts are still headed for their first weekly gains in three weeks, according to Reuters,
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas. (REUTERS/Richard Carson / Reuters Photos)
WTI is on course for a 7% rise amid broader fears of a supply crunch due to sanctions on Russia.
Brent was on track for a 10% jump.
Supply concerns increased this week when it was announced that the Caspian Pipeline Consortium (CPC) terminal on Russia’s Black Sea coast stopped exports after being damaged by a storm.
The U.S. and its allies were discussing a possible further coordinated release of oil from storage to ease concern, according to U.S. Energy Secretary Jennifer Granholm.
CLICK HERE TO READ MORE ON FOX BUSINESS
The U.S. was set to unveil a deal on Friday to supply Europe with more U.S. liquefied natural gas, sources familiar with the matter told Reuters.
