Crude oil eyes worst week since mid-March

Oil futures fell back on Friday, with investors taking profit off the table ahead of the weekend, after prices settled near the $102-mark in prior day’s trade on continued Ukraine tensions.

Crude oil for June delivery lost 61 cents, or 0.6%, to $101.33 a barrel, setting the contract on track for a 2.9% weekly decline. 

Friday’s retreat came after the June contract settled 50 cents higher at $101.94 a barrel on Thursday when geopolitical concerns in Ukraine and Libya offset pressure form hefty U.S. crude supplies.

The Ukraine-Russia standoff was also in the headlines on Friday, with Ukraine’s prime minister reportedly accusing Russia of looking to begin a third World War by occupying its neighbor “militarily and politically.” Late Thursday, U.S. Secretary of State John Kerry accused Russia of violating its commitment to easing tensions in eastern Ukraine and warned Russia will be making an “expensive” mistake if it doesn’t change course.

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