Oil prices rose on Monday as concerns grew about tighter global supply, with the deepening crisis in Ukraine raising the prospect of heavier sanctions by the West on top exporter Russia.
Brent futures were up $1.50, or 1.3%, at $113.20 a barrel at 0030 GMT, and U.S. West Texas Intermediate futures rose 98 cents, or 0.9%, to $107.93 a barrel.
Ahead of Easter weekend holidays, both contracts gained more than 2.5% on Thursday on news that the European Union might phase in a ban on Russian oil imports.EU governments said last week the bloc's executive was drafting proposals to ban Russian crude, but diplomats said Germany was not actively supporting an immediate embargo.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here's why Audi keeps on producing combustion engines running on vegetable oilAudi keeps internal combustion engines for now and has added a new type of fuel that's made of used cooking oil called hydrotreated vegetable oil.
Read more »
Climate Activists Decry Biden's Reopening of Oil and Gas Leases on Public LandsThe move won't lower gas prices, but it will contribute to a worsening planetary crisis, climate activists said.
Read more »
Biden blasted from left and right for opening more federal land to oil, natural gas drillingThe Biden administration is under fire for opening the door to selling new leases on public lands for oil and natural gas drilling but at a higher cost to producers, resulting in opposition from climate groups and the energy industry alike.
Read more »
Biden increases crude oil royalty rate, scales back leasesThe Biden administration is raising rates for royalties companies must pay for oil and natural gas extracted from federal lands as it moves forward under court order with sales of public fossil fuel reserves in nine states.
Read more »
A Rig for Your Digital Oil | HackerNoonIn the age of data as oil, BioKeyPer digital legacy creator empowers private individuals to tokenize & commercialize their digital footprint & pass it on.
Read more »