Brent crude oil was set to end its fourth consecutive week on a loss as a strong dollar and weak demand pressured prices. The commodity traded at $106.24 at 5:55 GMT on Friday morning.
With severe winter weather coming to a close, a seasonal demand slump has weighed on crude prices and driven US inventories higher than expected. Demand is also being weighed down by the dollar's recent rise.
Following the US Federal Reserve meeting this week, the greenback jumped to a near three week high as investors were surprised to hear that the bank may raise its key interest rate sooner than expected. The currency's strength means commodities priced in dollars are more expensive for holders of other currencies.
However, crude prices were underpinned by the standoff between the West and Russia over the annexation of the Crimean peninsula in Ukraine. CNBC reported that in response to Moscow's decision to absorb Crimea, the US expanded its economic sanctions to 20 prominent Russians; some considered to be allies of Russian President Vladimir Putin.
Europe is also planning to enact travel bans and asset freezes on select Russian citizens in a show of solidarity with the US, but the region's close trading ties with Russia will likely keep the eurozone from taking its sanctions any further.
Although the tension between Russia and the West is far from over, many see the risk dissipating as sanctions are aimed at select individuals rather than broad, far reaching economic sanctions. However, the US has vowed to deepen its sanctions if Russia continues to move forward in Ukraine.