Oil prices jump as U.S. sanctions, stockpile forecasts raise supply worries

News Snapshot:

Oil prices jumped $2 on Friday after the U.S. tightened its sanctions program against Russian crude exports, raising supply concerns in an already tight market, and global inventories are forecast to decline through the fourth quarter. Brent futures rose $1.96, or 2.28 per cent, to $87.96 per barrel as of 0819 GMT. US West Texas Intermediate (WTI) crude gained $1.98, or 2.39 per cent, to $84.89 a barrel. Both benchmarks had earlier hit gains of $2. Despite fluctuations through the week in both benchmarks, Brent was set for a weekly gain of almost 4 per cent, while WTI was set...