Oil prices closed higher on Monday as they closed above $ 130 as investors looked to the West for a freeze on Russian exports.
US Secretary of State Anthony Blinken said on Sunday that the United States was considering a possible embargo on Russian oil, in cooperation with its allies in Europe, in response to the “unprovoked invasion of Ukraine”.
In fact, the US House of Representatives is reportedly preparing for one vote even tomorrow Tuesday that would pave the way for a ban on imports of Russian energy products, an aide to Congress told Reuters.
In Europe, however, the US proposal did not receive the same warm welcome, with German Chancellor Olaf Solz reacting negatively to such an initiative, noting that imports energy from Russia is “essential”. “Europe’s energy supply can not be secured in any other way at the moment,” he said.
Moscow, for its part, has warned that the price of oil could exceed $ 300 if the West bans imports from Russia. “The price increase would be unpredictable. It would reach $ 300 a barrel, if not more.” stressed the Deputy Prime Minister of the Russian government Alexander Novak.
Against this background, the crude for April delivery gained $ 3.72 or 3.2% and closed at $ 119.40 a barrel on the New York Mercantile Exchange. This is the highest level since September 2008.
Earlier, the contract jumped to $ 130.50.
Brent crude was up $ 5.10, or 4.3 percent, at $ 123.21 a barrel, closing at its highest level since April 2012.
The high of the contract was at 139.13 dollars.
April gasoline also closed higher, gaining 0.8% to $ 3,572 a gallon, while the same month’s heating oil contract jumped 3.9% to 3,922 gallons. Retail gasoline prices topped $ 4 on Monday.
Source: Capital
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