Crude jumps more than 6% as EU mulls Russian oil ban

News Image

By MG News | March 21, 2022 at 11:27 PM GMT+05:00

0:00

 March 21, 2022: Oil prices soared more than 6% on Monday, with global benchmark Brent crude climbing above $115 a barrel, as European Union nations considered joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities.

Brent rose $7.14, or 6.6%, to $115.07 a barrel by 12:33 p.m. EDT (1633 GMT), while U.S. West Texas Intermediate (WTI) crude futures rose $5.85, or 5.6%, to $110.55.

European Union governments will consider whether to impose an oil embargo on Russia over its invasion of Ukraine as they gather this week with U.S. President Joe Biden for a series of summits designed to harden the West's response to Moscow.

"It could be the precipice for global trouble supply-wise," said John Kilduff, a partner at Again Capital LLC.

Ukraine defied a Russian demand that its forces lay down arms before dawn on Monday in Mariupol, where hundreds of thousands of civilians have been trapped in a city under siege and already laid to waste by Russian bombardment.

With little sign of the conflict easing, the focus returned to whether the market would be able to replace Russian barrels hit by sanctions.

"Optimism is seeping away about progress in talks to achieve a ceasefire in Ukraine and that’s sent the price of oil on the march upwards," Susannah Streeter, senior markets analyst at UK-based asset manager Hargreaves Lansdown, said.

Over the weekend, attacks by Yemen's Iran-aligned Houthi group caused a temporary drop in output at a Saudi Aramco refinery joint venture in Yanbu, feeding concern in a jittery oil products market, where Russia is a major supplier and global inventories are at multi-year lows.

Saudi Arabia on Monday said it would not be responsible for any global oil supply shortages after these attacks, in a sign of growing Saudi frustration with Washington's handling of Yemen and Iran.

The latest report from the Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, showed some producers are still falling short of their agreed supply quotas.

Oil prices were also sensitive to talk of Hong Kong lifting COVID-19 restrictions, which could increase demand, and in response to the growing list of U.S. companies retreating from Russia - including Baker Hughes, ExxonMobil, Shell, and BP.

Reuters 

Related News

Name Price/Vol %Chg/NChg
KSE100 130,389.37
296.35M
1.71%
2189.95
ALLSHR 81,051.47
867.58M
1.58%
1263.85
KSE30 39,915.17
122.90M
2.07%
810.18
KMI30 189,457.60
127.39M
1.36%
2541.99
KMIALLSHR 54,760.13
421.30M
1.03%
558.25
BKTi 35,024.58
47.86M
4.62%
1547.90
OGTi 28,217.44
11.38M
0.91%
254.86
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,150.00 108,340.00
105,440.00
2400.00
2.27%
BRENT CRUDE 67.58 67.59
66.94
0.47
0.70%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 103.80 0.00
0.00
-3.70
-3.44%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 65.88 65.89
65.23
0.43
0.66%
SUGAR #11 WORLD 15.95 15.96
15.77
0.25
1.59%

Chart of the Day


Latest News
July 02, 2025 at 02:35 PM GMT+05:00

BAPL works to resume core operations


July 02, 2025 at 01:45 PM GMT+05:00

Azgard Nine extends Muzaffargarh sale deadline


July 02, 2025 at 12:47 PM GMT+05:00

KSE-100 touches 130,000 points


July 02, 2025 at 12:16 PM GMT+05:00

Pakistan's OMC sales rise 2% MoM in June 2025, up 8% YoY



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg