Posted in: 15/04/2022 – 10:56
Oil prices settled higher on Thursday, April 14, 2022, following falling early in the session, as investors covered short positions ahead of the long weekend and following news that the European Union may impose a ban on Russian oil imports.
Brent crude futures rose $2.92, or 2.68 percent, to settle at $111.70 a barrel. US West Texas Intermediate crude futures closed $2.70, or 2.59%, to rise at settlement to $106.95 a barrel.
Both contracts posted their first weekly gain in April. For several weeks, prices have been the most volatile since June 2020.
The New York Times reported that the European Union is moving towards adopting a phased ban on Russian oil, to give Germany and other countries time to arrange other suppliers.
The International Energy Agency warned on Wednesday that regarding 3 million barrels per day of Russian oil might be cut off from May onwards due to sanctions, or buyers voluntarily avoid Russian shipments.
Archyde.com reported that major global trading houses plan to limit purchases of crude oil and fuel from Russian state-owned oil companies in May.