International oil prices surged higher on Thursday with both Brent and WTI touching $100/barrel mark after Russia's attack on Ukraine worsened concerns about disruptions to global energy supply.
Both Brent and WTI were off session highs as investors booked profits from the rally and after Biden said the United States is working with other countries on a combined release of additional oil from global strategic crude reserves.
Domestic crude oil and Energy Index futures also surged higher, tracking the overseas prices.
Russia launched an all-out invasion of Ukraine by land, air and sea in the biggest attack by one state against another in Europe.
The White House hit Russia with a wave of sanctions that impede will the country's ability to do business in major currencies along with sanctions against banks and state-owned enterprises.
Meanwhile, crude inventories rose 4.5 million barrels last week to 416 million barrels, much more than analysts' expectations in a Reuters poll for a 400,000-barrel build.
However, crude stocks at the Cushing, Oklahoma fell by 2 million barrels. Gasoline and distillate stocks fell by 600,000 barrels each.
International and Domestic Outlook
International oil prices have started higher by 2% this early Friday morning in Asian trade as traders ponder the impact of sanctions on Russia.
Markets will continue to remain volatile this Friday's trade.
Technically, if WTI April continues to trade above $95.00 level, it could continue its bullish momentum up to the resistance zone at $98.40-$104.02. A trade below could pull prices to the support zone at $89.35-$85.90.
Domestic crude oil prices could start higher and remain volatile this Friday's trade, tracking a positive start in the international prices.
Technically, if MCX Crude Oil March continues to trade above 7275 level, it could continue its bullish momentum up to the resistance zone at 7615-7955. A trade below could pull prices to the support zone at 6940-6600.