Crude Oil Gives Back Ground After Early Surge But Still Close Higher

(RTTNews) - Crude oil prices gave back after an early surge but remained notably higher on Friday, adding to the modest gain posted in the previous session.

After inching up $0.05 or 0.1 percent to $66.36 a barrel on Thursday, crude for April delivery climbed $0.68 cents or 1.0 percent to at $67.04.a barrel. Earlier, the price of crude surged as much as 2.8 percent to a high of $68.22 a barrel.

The initial spike by crude oil prices came after President Donald Trump threatened to impose sanctions on Russia over its continued attacks on Ukraine.

"I am strongly considering large scale Banking Sanctions, Sanctions, and Tariffs on Russia until a Cease Fire and FINAL SETTLEMENT AGREEMENT ON PEACE IS REACHED," Trump said in a post o Truth Social.

Buying interest waned somewhat as the day progressed, however, as traders expressed continued concerns about OPEC+'s plans to increase output in April and the impact of U.S. tariffs on Canada, Mexico and China.