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.”
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