Oil futures settled lower on Friday, but scored a fourth straight week of gains after wider sanctions against Russia’s energy industry tightened supply.

Oil prices settled lower on Friday but notched their fourth straight weekly gain, as the latest U.S. sanctions on Russian energy trade added to worries about oil supply disruptions.

The British oil giant told employees in a memo Thursday that it would slash around 4,700 jobs this year. The company also said it was cutting 3,000 contractor roles and that 2,600 of those contractors had already departed.

BP is cutting 4,700 jobs and 3,000 contractor roles as part of a drive to "simplify and focus" the oil giant, it said on Thursday.

A drone attack on an oil depot was reported in the Russian city of Lyudinovo in Kaluga Oblast on the evening of 17 January. Source: Russian Telegram channels; Governor of Kaluga Oblast Vladislav Shapsha Details: Local media reported that attack drones had hit the Lyudinovo oil depot of the Kaluganefteprodukt company in Lyudinovo,

On the night of January 18, unknown drones attacked the Tula region of Russia. Meanwhile, Russians are reporting explosions and a fire, according to Russian Telegram channels. In particular, the Mash channel reports that drones attacked an oil depot in the Vuzlivskyi district of the region.