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.

Read and decide

Join EUobserver today

Become an expert on Europe

Get instant access to all articles — and 20 years of archives.
14-day free trial.

… or subscribe as a group

Source link

Leave a Reply

Your email address will not be published.