Oil prices jump again as EU considers Russian oil ban

A view of the Phillips 66 Firm’s Los Angeles Refinery (foreground), which processes home & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum merchandise on the Kinder Morgan Carson Terminal (background), at sundown in Carson, California, U.S., March 11, 2022. Image taken March 11, 2022. Image taken with a drone. REUTERS/Bing Guan

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  • EU nations and U.S. President Biden set maintain talks
  • Saudi refinery assault provides to market jitters

LONDON, March 21 (Reuters) – Oil costs jumped greater than $3 on Monday, with Brent crude climbing above $111 a barrel, as European Union nations thought-about becoming a member of the USA in a Russian oil embargo and after a weekend assault on Saudi oil services.

Brent crude futures had been up $3.40, or 3.2%, at $111.33 a barrel by 0958 GMT, including to a 1.2% rise final Friday.

U.S. West Texas Intermediate (WTI) crude futures rose $3.65, or 3.5%, to $108.35, extending a 1.7% soar final Friday.

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Costs moved increased forward of talks this week between European Union governments and U.S. President Joe Biden in a collection of summits that intention to harden the West’s response to Moscow over its invasion of Ukraine.

EU governments will think about whether or not to impose an oil embargo on Russia. learn extra

Early on Monday Ukraine’s deputy prime minister, Iryna Vershchuk, mentioned there was no probability the nation’s forces would give up within the besieged jap port metropolis of Mariupol. learn extra

With little signal of the battle easing, the main target returned as to whether the market would be capable to exchange Russian barrels hit by sanctions.

“A Houthi assault on a Saudi vitality terminal, warnings of a structural shortfall in manufacturing from OPEC and a possible European Union oil embargo on Russia have seen oil costs soar in Asia,” OANDA senior analyst Jeffrey Halley mentioned in a be aware.

“Even when the Ukraine warfare ends tomorrow, the world will face a structural vitality deficit because of Russian sanctions.”

Over the weekend, assaults by Yemen’s Iran-aligned Houthi group brought about a brief drop in output at a Saudi Aramco (2222.SE) refinery three way partnership in Yanbu, feeding concern in a jittery oil merchandise market, the place Russia is a key provider and international inventories are at multi-year lows. learn extra

The most recent report from the Group of the Petroleum Exporting Nations (OPEC) and allies together with Russia, collectively generally known as OPEC+, confirmed some producers are nonetheless falling in need of their agreed provide quotas. learn extra

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Extra reporting by Sonali Paul in Melbourne and Florence Tan in Singapore
Enhancing by David Goodman

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