Crude futures jumped more than four percent with Brent North Sea, the international benchmark, exceeding $120 per barrel.
Moscow could face more sanctions as US President Joe Biden left Wednesday for Europe on a mission to bolster Western unity against Russia, though Europe has avoided an oil embargo so far. Gas prices rose after President Vladimir Putin announced that Russia will now only accept rubles for gas deliveries to"unfriendly countries", which include EU nations.
Europe's gas price reference Dutch TTF briefly rose past 130 euros per megawatt hour before falling back to 117 euros later in the day.
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Business Maverick: Oil Rallies as EU Debates Possible Ban on Russian Crude ImportsOil surged for a fourth day, heading for the best run in a month, on signs the European Union may be edging closer to a ban on Russian crude imports to punish Moscow for its invasion of Ukraine.
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Stocks rise as oil extends rally on Russia embargo talkBoth main crude contracts started the week by soaring more than seven percent on Monday as EU nations discussed following Washington and putting an embargo on Russian energy imports over its war in Ukraine.
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Oil extends rally on Russia embargo talk, stocks riseOil prices extended their rally on supply worries as European leaders debated banning imports from Russia.
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Business Maverick: Oil Climbs as NATO, EU Summits Raise Specter of New Russia CurbsOil pushed higher ahead of a flurry of high-level diplomatic activity over the month-old war in Ukraine that may see fresh curbs on Russia. Spectre, people. Spectre. Bloomberg might use American spelling but you don’t have to! I appreciate you so much for educating me on how to invest successful,I earn alot through the platform recommend,kindly contact AdamTrey01 and be part of the winning committee
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