Brent crude futures fell $1.07, or 0.9%, to $117.96 a barrel at 0053 GMT, after sliding 2.1% in the previous session. U.S. and allies were discussing a possible further coordinated release of oil from storage. The Intercontinental Exchange raised margin rates for Brent futures, with margins up 19% for the May contract as of Friday, marking the third rise this year and making it more expensive to trade. Both contracts were headed for their first weekly gains in three weeks, with Brent on track for a 10% jump and WTI on course for a 7% rise amid broader fears of a supply crunch due to sanctions on Russia, the world’s second-largest crude exporter. . . .
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