LAST UPDATE 21:40
Oil prices rallied on Monday amid reports that some European countries were seeking to impose sanctions on Russia’s energy sector.
EU High Representative for Foreign Affairs and Security Policy Josep Borrell has confirmed that the 27-nation foreign ministers are considering further sanctions on Russia, including in the country’s gas and oil sectors. Germany has objected to such a move, citing the EU’s high energy dependence. from Russia.
The EU is ready to impose additional sanctions on Russia, warned Josep Borrell. “Restrictive measures continue to be an important part of our approach and we are ready to take additional (joint) measures with our partners,” he told reporters after a meeting of foreign ministers in Brussels, without elaborating.
Against this background, the April crude contract climbed $ 7.42 or 7.1% and closed at $ 112.12 a barrel on the New York Mercantile Exchange, completing three consecutive uptrends. The April contract expires with the completion of the transactions tomorrow.
Brent May gained $ 7.69 or 7.1% and closed at $ 115.62 a barrel on ICE Futures.
Both contracts closed at their highest level since March 8, when prices climbed to their highest level since 2008.
Support for banning Russian oil is gaining ground within the EU. according to a Wall Street Journal article. The US and the UK have already banned Russian oil, but the EU has not taken a similar stance, given its high dependence on Russia for its energy supply.
Source: Capital
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