Global crude oil prices registered their biggest weekly decline since November as US President Donald Trump threatened sanctions on Russia if it fails to reach a cease-fire with Ukraine. Brent crude oil futures plunged nearly 4 percent last week to end at 70.36 dollars a barrel. US crude slumped 4 during the week, to finish at 67.04 dollars per barrel.

Trump said in a post that he was “strongly considering” sanctions on Russian banks and tariffs on Russian products because its armed forces continue attacks in Ukraine.

Powell said the Federal Reserve Board was watching how new policies from the Trump administration, especially on trade, were affecting the economy.

OPEC had said it intended to proceed with a planned April output increase, adding 138,000 barrels per day to the market.