Oil prices fell back below $100 a barrel after soaring on Thursday. The oil prices went up amid concerns over supply disruptions due to conflict in Europe’s eastern flank.
Reuters said in a report that oil prices fell back below $100 a barrel as investor nervousness about supply disruptions eased.
Brent crude dipped 0.38 per cent to $98.7 a barrel, while US West Texas Intermediate crude fell 0.16 per cent to $92.64, although both benchmarks were off their highs.
Safe haven gold, which had jumped on Thursday, inched 0.26 per cent higher to $1,908 an ounce but was below multi-month highs of $1,973.96.
Reflecting the relative calm in financial markets, yields on 10-year US Treasuries steadied at 1.954 per cent after a slide to 1.84 per cent on Thursday, its biggest daily drop since late November.
"Markets seem to be reducing tail risks. Additional sanctions announced against Russia matter to Russia, but the domestic Russian economy does not matter much to the global economy (and energy supplies are still flowing)," said Paul Donovan, chief economist at UBS Global Wealth Management.
After some dramatic moves in currency markets on Thursday, including more than 1 per cent falls in most European currencies, foreign exchange prices were much calmer.
The US dollar index , which measures the greenback against a basket of major currencies, was up 0.1 per cent at 97.2, having risen on Thursday to levels last seen during the first wave of the coronavirus pandemic.
The euro dropped 0.2 per cent to $1.117 but was off Thursday's lows. The Japanese yen and the Swiss franc , two safe haven currencies, rose slightly but the gains were nothing like in Thursday.
The Russian rouble rose slightly to 83.77 against the dollar, clawing back from a record low of 89.986.
With Russian troops pressing towards the Ukrainian capital and more casualties expected on both sides, many investors are bracing for a further ratcheting up of sanctions from the West.
