Oil prices rose more than US$4 on Monday (21), with Brent quoted above US$111 a barrel, as European Union countries consider joining the United States in an embargo on the Russian product and after a weekend attack on Saudi oil facilities.
Brent crude futures were up $4.48, or 4.18%, at $112.48 a barrel at 9:50 am ET, after a 1.2% rise on Friday. .
U.S. crude oil (WTI) contracts rose $4.12, or 4%, to about $109, extending last Friday’s 1.7% rally.
Prices rose ahead of talks this week between European Union governments and US President Joe Biden in a series of meetings aimed at strengthening the West’s response to Moscow’s invasion of Ukraine.
EU governments will consider imposing a Russian oil embargo.
With little sign of a easing of the conflict in Ukraine, the focus turned back to whether the market would be able to replace Russian supplies hit by sanctions.
Over the weekend, attacks by the Iran-aligned Houthi movement in Yemen caused a temporary drop in output at a Saudi Aramco refinery in Yanbu, stoking concern in a churning oil market.
Source: CNN Brasil
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