Brent crude price at $115 a barrel as the European Union weighs Russia’s oil embargo

Crude oil prices remained strong for the fourth day as the European Union considers a possible ban on Russian crude imports to punish Moscow for its invasion of Ukraine, although some key members remain opposed to such a move for now.

West Texas Intermediate crossed $113 a barrel in early trading, after jumping 18% over the previous three days. It traded around $110 at 9pm ET. Brent crude oscillated between gains and losses but its price was little changed at $115.61 per barrel.

Josep Borrell, the European Union’s foreign policy chief, said he expects the leaders to discuss, but may not yet agree, more sanctions against Russia when they meet in Brussels later this week.

“The oil market is repeatedly heading to the edge of pricing in a catastrophic scenario,” said Vandana Hari, founder of Vanda Insights in Singapore. “The European Union is already divided on the move.”

Dear Reader,

Business Standard has always strived to provide the latest information and commentary on developments that matter to you and that have broader political and economic implications for the country and the world. Your continued encouragement and feedback on how we can improve our offerings has made our resolve and commitment to these ideals even stronger. Even during these challenging times brought about by Covid-19, we continue our commitment to keeping you updated with trusted news, authoritative opinions and insightful commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more, so we can continue to bring you more quality content. Our subscription form has seen an encouraging response from many of you, who have subscribed to our content online. Further subscribing to our online content can only help us achieve our goals of providing better and more relevant content. We believe in free, fair and credible journalism. Your support with more subscriptions can help us practice the journalism we are committed to.

Support quality press and Subscribe to Business Standard.

digital publisher

Leave a Reply

Your email address will not be published. Required fields are marked *