Futures in New York climbed 3.8% to trade around $106 a barrel on Wednesday. The EU’s plan is the most significant energy response from the bloc to the war in Ukraine as it seeks to cut reliance on Moscow. As well as directly banning oil imports, the EU is also targeting insurers in a move that could alter Moscow’s ability toIn a mixed report, U.S. crude stockpiles rose 1.3 million barrels last week, according to an Energy Information Administration report.
“This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined,” European Commission President Ursula von der Leyen said. “We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimizes the impact on global markets.”
The European Commission’s plan “removes some of the overhang from a lack of a clear proposal in prior weeks,” said Rohan Reddy, director of research at Global X Management. “It’s a clear signal by the EU that the bloc is willing to move on from Russian oil, despite its current dependence on it. It will need to be voted on by the EU’s member states, but putting forth a framework is a major step.
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