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LONDON: Oil prices jumped by more than $4 on Monday, with Brent crude climbing above $111 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 crude futures were up $4.44, or 4.1%, at $112.37 a barrel by 1321 GMT, adding to a 1.2% rise on Friday.

US West Texas Intermediate (WTI) crude futures rose $4.05, or 3.9%, to $108.75, extending Friday's 1.7% jump.

Prices moved higher ahead of talks this week between European Union governments and US President Joe Biden in a series of summits that aims to harden the West's response to Moscow over its invasion of Ukraine.

US oil may test resistance at $107.66

EU governments will consider whether to impose an oil embargo on Russia.

Early on Monday, Ukraine's deputy prime minister, Iryna Vershchuk, said there was no chance the country's forces would surrender in the besieged eastern port city of Mariupol.

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

Saudi Arabia says not responsible for any oil shortage after Houthi attacks

"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.

"With the possibility that more than a million barrels of Russian oil a day will be snubbed, given that the Netherlands and Germany combined received around a quarter of Russia's crude and light oil exports, demand would shoot up for crude supplies from OPEC+ nations."

Oil prices headed for weekly loss, but stay well above $100/bbl

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.

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

OPEC flags risk to oil demand outlook

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samir sardana Mar 21, 2022 09:32pm
EU sanctions on Russian Oil,are required by NATO - as else, the ilk of Indians,will keep buying Russian discounted oil The Indians claim, that EU is buying and so,we also have a right - as we have been traditional buyers (like the EU) - and there is no replacement supplier. In essence,the Indians are PROFITING from the war - as Indian Steel,Sugar ,Alumunimand Copper companies will mint profits, due to the ban on Russian Steel,Alumunium,Copper and Sugar and the fact that UKR steel mills have been blown up. Like the Indian weasels use the EU as a cover - other nations will use India as cover to buy Russian Discounted oil. And that defeats the very purpose of Western sanctions.dindooohindoo
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