us oil futures settled lower on friday hitting their lowest in a month it was another rough week for oil as “cooling optimism over the demand outlook and rising us stockpiles kept bears in a position of power” said lukman otunuga manager market analysis at fxtm the european union is set to enforce sanctions on imports of russian oil products on feb 5 “it will be interesting to see how this may impact global oil prices in the medium to longer term” said otunuga us benchmark west texas intermediate crude for march delivery clh23 fell 249 or 33 to settle at 7339 a barrel on the new york mercantile exchange frontmonth contract prices settled at their lowest since jan 4 down 79 for the week according to dow jones market data