LONDON -Oil rose towards $116 a barrel on Tuesday, adding to a 7 percent surge the previous day, supported by supply risks from a potential European Union oil embargo on Russia and concern about attacks on Saudi oil facilities. European Union foreign ministers are split on whether to join the United States in banning Russian oil. Some countries, including Germany, say the bloc is too dependent on Russia’s fossil fuels to withstand such a step. “It is still not clear whether this will really happen,” wrote Carsten Fritsch of Commerzbank in a report, adding: “a decision of this kind requires unanimity.” Brent crude rose 26 cents, or 0.2 percent, to $115.88 a barrel by 1140 GMT. U.S. West Texas Intermediate crude slipped 10 cents to $112.02. Both contracts had settled up more than 7 percent on Monday. Oil was pressured by a stronger U.S. dollar, which gained after comments from …
Oil Rises Towards $116 as EU Weighs Russian Ban
March 22, 2022
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