Crude Oil Showing A Lack Of Direction After Yesterday's Slump

(RTTNews) - Following the steep drop seen in the previous session, the price of crude oil has shown a lack of direction over the course of the trading day on Friday.

Crude for January delivery was last seen trading down $0.20 or 0.4 percent at $57.40 a barrel after plunging $0.86 or 1.5 percent to $57.60 a barrel in Thursday's session.

The choppy trading on the day came as traders kept an eye on the latest developments in the ongoing Russia-Ukraine as well as escalating tensions between the U.S. and Venezuela.

Crude oil pries had moved notably higher early in the session after the U.S. Treasury imposed new sanctions against three of Venezuelan President Nicolas Maduro's relatives as well as six companies shipping the South American country's oil.

"Nicolas Maduro and his criminal associates in Venezuela are flooding the United States with drugs that are poisoning the American people," Treasury Secretary Scott Bessent said in a statement.