December 5, 2022

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Oil prices have risen to $ 130 a barrel

Oil prices have risen to $ 130 a barrel

The price of crude oil futures rose to $ 130 a barrel in trading on Tuesday afternoon in the wake of the US readiness to ban oil and natural gas exports from Russia and the announcement by several major companies, including Shell. Purchase of Russian crude oil.

In the London Mercantile Exchange trade, the price of crude oil world-class Brent crude crossed $ 130 a barrel, while West Texas Intermediate crude, the standard crude for US oil, rose after reaching it. The highest level since 2008 yesterday.

Sources said on Tuesday that the administration of US President Joe Biden was planning to ban Russian energy imports without the participation of European allies.

The Bloomberg News Agency cited informed sources who refused to identify the ban as oil, liquefied natural gas and Russian coal.

Another source said the decision was made in consultation with European allies, who rely more heavily on Russia’s energy sources than the United States.

West Texas Intermediate’s price rose 4.8% to $ 125.16 a barrel for delivery next April on New York trade at 8:47 a.m. New York time, after rising 3.2% yesterday against US oil. Brent crude for delivery in May rose 5.4 percent to $ 129.82 a barrel for delivery in May.

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