Politics

Oil price climbs on supply worries as EU plans Russia ban


Oil prices rose on Thursday over supply concerns, after the EU set out plans for new sanctions against Russia, including an embargo on crude in six months. “The oil market has not fully priced-in the potential of an EU oil embargo, so higher crude prices are to be expected in the summer months if it’s voted into law,” Reuters quoted Rystad Energy’s head of oil markets research, Bjornar Tonhaugen.

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