Oil prices rose on Thursday, reversing course after an early decline as investors bought futures ahead of a long weekend on news that the European Union might phase in a ban on Russian oil imports.
Brent futures were up $1.35, or 1.30%, at $110.19 a barrel. U.S. West Texas Intermediate futures were $1.24 or 1.18% higher at $105.48 a barrel at 1:06 p.m. ET .
Both contracts were on track for their first weekly gain in April. For several weeks, prices have been the most volatile since June 2020.The New York Times reported that the European Union was moving toward adopting a phased-in ban of Russian oil, to give Germany and other countries time to arrange alternative suppliers.
A phased-in ban on Russian oil would force European buyers "to seek alternative sources, some of which in the near term is being met by Strategic Petroleum Reserve releases, but in the future, more supplies coming out of the ground will be required," Andrew Lipow of Lipow Oil Associates in Houston said.
Russia's Energy Ministry said it was limiting access to its statistics on oil and gas production and exports.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
German lawmakers call for EU ban on Russian oil after Ukraine visitThe European Union should impose an embargo on Russian oil as soon as possible, the chairmen of three German parliamentarian committees said on Tuesday after a visit to Ukraine.
Weiterlesen »
After Buying Cheap Russian Oil, India Is Now Setting Sights on Its CoalIndia’s hunger for coal is growing. As the world shuns Russian goods, India is setting its sights on Russian coal – after already buying up its discounted oil.
Weiterlesen »
Summer gas will run dirty, but cheap, to cut reliance on Russian oilThe U.S. is extending the availability of high biofuel blends of gas over the summer, to delay soaring fuel prices during rapid inflation and global crisis.
Weiterlesen »
World's top oil trader will stop buying Russian crudeVitol Group, the world's top independent oil merchant, will stop trading Russian crude oil and products by the end of the year, a source with knowledge of the situation told CNN.
Weiterlesen »
Anonymous Has Released Over 2 Million Russian Emails in Cyberwar With Russia – Bitcoin NewsHacktivist collective Anonymous claims it has already published millions of leaked emails of Russian institutions and organizations.
Weiterlesen »