Oil prices fell on Thursday. This resulted in weekly losses on uncertainty over whether the eurozone could effectively sanction Russia's energy exports. And after the consumer countries announced the release of a large amount of oil from emergency reserves.

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Prices are also being pressured by fears that the lockdown in China due to the new wave of COVID-19 will slow a recovery in oil demand.Brent crude fell 49 cents, or 0.5%, at $100.58 a barrel. Meanwhile,

U.S. West Texas Intermediate crude (WTI) dropped 20 cents, or 0.6%, at $96.03 a barrel the previous session. The two benchmarks were down more than 5 percent to their lowest close since date. March 16