Oil opens higher as OPEC warns of tight supply and Russian sanctions loom
Brent crude futures were up 85 cents, 0.9%, to $99.33 a barrel, and U.S. West Texas Intermediate contracts were up $1.04, or 1.1%, to $95.33 a barrel at 0019 GMT. Both contracts had settled down around 4% on Monday amid concerns that coronavirus lockdowns in China would dampen demand for fuel and ahead of a massive oil reserve release by International Energy Agency (IEA) members. The European Union is drafting proposals for an EU oil embargo on Russia in the wake of its invasion of Ukraine, some foreign ministers said on Monday.
Leave a Reply