oil
The possibility of Germany joining other countries in the European Union to adopt the Russian oil embargo is increasing in light of the Ukraine war, which has reinforced fears of tight supplies in the already scarce global crude market.
These concerns prompted oil prices to close higher on Thursday.
This came once morest the background of media reports that included statements made by German Economy Minister Robert Habeck Yun on Tuesday, in which he said that the largest economy in the European Union can coexist if the European Union imposes a ban on Russian oil imports, and that Germany hopes to find ways to replace Russian oil with other supplies.
“The decision that Germany appears to have taken to drop its opposition to sanctions on Russian oil might go a long way toward a comprehensive EU ban that would reduce Russian oil availability in the region,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois. Global Market”.
Brent crude futures rose $2.27 to settle at $107.59 a barrel, while US West Texas Intermediate crude rose $3.34, or 3.3 percent, to $105.36.
Germany is heavily dependent on Russian energy imports and has opposed a complete ban on them.
