Crude oil prices set their second consecutive weekly rise. This after the European Union officially proposed to ban imports of all crude oil and oil products. Petroleum Russians by the end of the year.
“Let’s be clear: it won’t be easy. Some Member States are highly dependent on Russian oil, but we just have to work on it. Now we propose a ban on Russian oil. This will be a total import ban on all Russian oil, by sea and by pipeline, crude and refined.” said Ursula von der Leyen, President of the European Commission.
In accordance with Archyde.comdespite the fact that the initial proposal called for an end to imports of Russian crude oil and oil products by the end of this year, The EU is modifying its sanctions plan to ensure the necessary unanimous support from the 27 member countries for the measure to pass.
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Prices of a barrel of Brent and Texas oil today, May 7: how much does it cost and how much is it quoted?
In accordance with Oil Price Chartsa renowned website that has more than 150 oil indices and mixtures worldwide, Brent futures rose $1.49, or 1.3 percent, to settle at $112.39 a barrel. Meanwhile, US crude West Texas Intermediate (WTI) was up $1.51, or 1.4%, trading at $109.77 a barrel.
During the week, WTI gained around 5%, while Brent rose almost 4%. In April, both Brent and WTI posted their fifth consecutive monthly gain, the longest run of monthly gains since the beginning of 2018.
The rise in crude prices has been fueled by fears that Russian supply will continue to be disrupted by the conflict in Ukraine. Even though several countries have agreed to release barrels from their strategic reserves, long-term measures still need to be found to cover Russian supply.