May 24, 2022

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Oil prices rise by $ 6, and the EU discusses a Russian oil embargo

Oil prices rise by $ 6, and the EU discusses a Russian oil embargo

Release Date:
March 21, 2022 16:17 GMT

Updated: March 21, 2022 17:00 GMT

Oil prices rose more than $ 6 during trading on Monday, topping $ 114 a barrel on Brent crude, while EU countries are considering joining the EU.

Source: Reuters

Oil prices rose above $ 6 during trading on Monday, with Brent crude pushing above $ 114 a barrel, with the EU considering joining the US in banning Russia’s oil and over the weekend attack on Saudi oil plants.

After rising 1.2 percent on Friday, global benchmark crude futures rose $ 6.52, or 6%, to $ 114.69 a barrel at 14:25 GMT.

US West Texas Intermediate crude trades were up $ 5.80 or 5.7 percent at $ 110.77.

Prices soared after Ukrainian Deputy Prime Minister Irina Vareshuk said early Monday morning that troops were unlikely to surrender in the besieged eastern port city of Mariupol.

The focus has shifted to whether the market can compensate for Russian oil production damaged by the embargo, with little indication that the conflict will subside.

“The market is concerned about supply disruptions because they are already having an impact,” ANZ analysts said in a statement.

A recent report by the “OPEC +” group shows that production in some countries has not yet reached the agreed level of their production quota.

Three sources told Reuters that OPEC + did not reach its production target of more than one million barrels per day in February, in line with an agreement to increase production to 400,000 barrels per day per month.

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