Brent crude rose after Russia completed annexing Crimea, escalating the worst standoff with the West since the Cold War. West Texas Intermediate oil gained.

Brent futures climbed as much as 0.9 percent and WTI 0.8 percent. Russian President Vladimir Putin signed legislation needed to absorb the Black Sea peninsula and its port of Sevastopol from Ukraine. Futures also increased on speculation China is loosening funding restrictions for property developers and banks to support growth.

“Crude is rising because Putin’s actions are getting more provocative,” said Dan Flynn, an energy market analyst at Price Futures Group in Chicago. “We may be swimming in supply, but I wouldn’t want to be short going into the weekend with all of the tension between Russia and Ukraine. Too much could go wrong.”

Brent for May settlement rose 94 cents, or 0.9 percent, to $107.39 a barrel on the London-based ICE Futures Europe exchange as of 11:30 a.m. New York time. Futures are down 1.1 percent this week. The volume of all futures traded was 16 percent below the 100-day average for the time of day.

WTI for May delivery advanced 83 cents, or 0.8 percent, to $99.73 on the New York Mercantile Exchange. The April contract expired yesterday after dropping 0.9 percent to $99.43. Trading volume was 19 percent lower than the 100-day average.

Gold rose on Friday in anticipation of statements by the U.S. central bank , but the week promises to be the worst since November due to market reaction to the Fed's promise to head Janet Yellen to raise rates in the first half of 2015 .

The Fed is likely to complete its bond-buying program this fall and begin to raise interest rates after about 6 months after that , Yellen said . Although she carefully introduced this forecast , making numerous reservations , this was still enough to bother investors. Some market participants are buying gold and other precious metals as a tool for protection against low interest rates, inflation and uncertainty in the economy.

" Coming rising interest rates , a stronger dollar , and inflation is not observed , - said James Cordier , director of Liberty Trading Group. - All the factors to reduce the price of gold ."

Bond buying program , the volume of which is now $ 55 billion a month, helped keep rates low at the same time putting pressure on the dollar.

Gold prices jumped to a 6 - month high of 1,392.60 dollars on March 17 as a result of growth , partly provoked instability in Ukraine and Russian military intervention in the Republic of Crimea.

However, prices fell this week, as it became apparent that the West is almost inclined to interfere with Russia to join the Crimea. Russian President Vladimir Putin on Tuesday signed an agreement on accession of the Ukrainian region of the territory of Russia . He said that his country is not seeking to " separation of Ukraine" and will protect the interests of the Russian-speaking population in the country " diplomatic and legal means ."

The cost of the April gold futures on the COMEX today rose to $ 1343.00 per ounce.