Oil Prices Climb as EU Imposes Sanctions on Russian Crude

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Oil Prices Climb as EU Imposes Sanctions on Russian Crude
03 May 2022
4 min read

News Synopsis

Oil prices rose once again as the European Union plans to tighten sanctions on Russia this week, with Germany saying that it is ready to support Russia's immediate oil embargo.

Brent crude oil futures rose 25 cents or $107.83 per barrel at 0234 GMT, while West Texas Intermediate (WTI) crude oil futures rose 17 cents (0.2%) to $105.34 per barrel.

The European Commission is expected to complete work on the sixth European Union (EU) package of sanctions against Russia for its actions in Ukraine, including a ban on Russia's oil purchases. Crude oil demand is rising due to tight fuel supply, and Brent and WTI rose more than 40 cents on Monday after a volatile session.

According to ANZ Research, record exports from the US Gulf are eating into supplies to the domestic US market. It also mentioned that according to the cargo tracking service Vortexa Analytics at least 2 million barrels per day of gasoline, diesel, and jet fuel flowed out of refineries in the US Gulf in the month of April. 

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