Oil backed off its session highs after President Biden indicated petroleum reserves could be tapped as needed and sanctions from Western countries avoided targeting Russian supplies .
Sanctions from world leaders were closely monitored by analysts after Russia invaded Ukraine, sending oil surging on Thursday morning.
“Oil and gas supplies from Russia as of now have not been affected at all,” Vanda Hari, founder of Vanda Insights, told Yahoo Finance Live this morning.
“Will Russian oil and gas…
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