Crude Settles Up More Than 7% As EU Mulls Russian Oil Ban

Houston (Reuters) -Oil prices settled more than 7% on Monday, with Global Benchmark Brent climbing above $ 115 per barrel, because EU countries did not agree whether to join the United States in the Russian oil embargo after attacks on facilities Saudi oil. Brent Futures settled at $ 115.62 per barrel, up $ 7.69 or 7.12%, while A.S. West Texas Intermediate (WTI) futures were completed at $ 112.12 per barrel, up $ 7.42 or 7.09%.

Such an embargo “can be a Coripice for trouble-wise global supply,” said John Kilduff, partner in again capital LLC. Given the uncertainty about the prohibition on the import of Russian Petroleum EU, A.S. Gasoline futures jumped 5% The European Union government will consider whether to impose an oil embargo in Russia for the invasion to Ukraine when they gather this week with President Joe Biden for a series of summons designed to harden the Western response to Moscow.

The EU and Allies have imposed steps to Russia, including freeze the central bank’s assets Ukraine opposed Russian demand that his troops put weapons before dawn on Monday at Mariupol, where hundreds of thousands of civilians were trapped in the surrounded city With a little sign of conflict easing, focus back to whether the market will be able to replace the Russian barrel that is sanctioned “Optimism permeated progress in talks to achieve a ceasefire in Ukraine and it sent oil prices in March to the top,” Susannah Struber, senior market analyst at the UK-based asset manager, said.

During the weekend, the attack by the Yemeni Houthi Group that was in harmony -year Saudi Arabia on Monday said it would not be responsible for the shortage of global oil supply after this attack, in the sign of growing Saudi frustration with the handling of Yemen and Iran Washington The latest reports of the organization of petroleum and allied exports, including Russia, together known as OPEC +, showed several producers still failed from the agreed upon supply quota.

Oil prices are also sensitive to talk about Hong Kong restrictions on Covid-19, which can increase demand, and to the list of companies that continue to increase from Russia – including Baker Hughes, ExxonMobil (NYSE: XOM), Shell (Lon: RDSA), and BP (NYSE: BP).