Finland Times

Oil prices rose Friday on increasing fears of a disruption in crude supplies to Europe following the expansion of U.S. sanctions against Russia.  

Russia absorbed the Crimean peninsula following a referendum which is regarded as illegal by the West.

Russia produced more than 10 million barrels crude a day in January, and is the second-largest producer of natural gas. More than 70 percent of Russian crude and gas exports to Europe pass through Ukraine.

The U.S. announced more sanctions Thursday against Russia. The uncertainties of Ukraine put a big threat to the oil market.

Better economic news in the U.S. also helped to support the oil prices.

Fitch Ratings said Friday in a statement that it has affirmed the U.S. long-term foreign and local currency Issuer Default Ratings at "AAA" with stable outlook.

Fitch said this rating action resolved the "rating watch negative" placed on Oct. 15 last year as U.S. lawmakers were battling over the federal budget and over raising the debt ceiling.

Light, sweet crude for May delivery moved up 56 cents to settle at 99.46 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery gained 47 cents to close at 106. 92 dollars a barrel.