International oil prices ended the week short of both Global and Good Friday trading week, following reports that European Union officials were preparing a draft decision to impose an embargo on Russian oil.
Thursday’s gains led oil to gains of about 9% on a weekly basis.
The global benchmark Brent crude for June delivery added $ 2.92, or 2.7%, to $ 111.70.
On the other side of the Atlantic, US crude for May delivery rose $ 2.70, or 2.6 percent, to $ 106.95 a barrel.
Both closed at their highest levels since March 30, according to Dow Jones Market Data.
The New York Times published a report earlier today based on which EU officials are preparing a draft decision banning oil imports from Russia to the 27 member states of the Union. The EU has imposed various sanctions on Russia, but has been reluctant to impose an oil embargo on Moscow over its dependence on Russian oil fields.
Officials and diplomats from the Union of 27 have said the EU is moving to impose a tiered embargo designed to allow Germany and other countries to find alternatives to oil supplies. Similar measures were taken by the EU to ban Russian coal imports last month.
Member states will discuss the embargo after the second round of the presidential elections in France on April 24, the New York Times notes.
“Given that the supply picture looks blurry, the only possible decompression would come from a cut in demand,” Manish Raj, CFO at Velandera Energy Partners, told MarketWatch.
For the week, Brent rose 8.7%, while WTI 8.8%.
“The Russian war in Ukraine looks like it will increase the risks of major oil product shortages, despite Biden’s premature Strategic Petroleum Reserve (SPR) release,” said Phil Flynn, senior market analyst at The Price Futures Group, in a daily note. Growing pressure on buyers of Russian oil to cut off funding for [Russian President Vladimir] “Putin’s war machine is giving the market underlying support.”
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
