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Markets

Oil jumps 4% as EU proposes ban on Russian oil

LONDON: Oil prices jumped on Wednesday as the European Union, the world’s largest trading bloc, spelled out plans to...
Updated 04 May, 2022

LONDON: Oil prices jumped on Wednesday as the European Union, the world's largest trading bloc, spelled out plans to phase out imports of Russian oil, offsetting demand worries in top importer China.

Brent crude futures rose $3.99, or 3.8%, to $108.96 a barrel by 1121 GMT. West Texas Intermediate crude futures rose $4.05, or 4%, to $106.46 a barrel.

European Commission President Ursula von der Leyen on Wednesday proposed a phased oil embargo on Russia over its war in Ukraine, as well as sanctioning Russia's top bank, in a bid to deepen Moscow's isolation.

The Commission's measures include phasing out supplies of Russian crude within six months and refined products by end-2022, von der Leyen said. She also pledged to minimise the impact on European economies.

Hungary and Slovakia, however, will be able to continue buying Russian crude oil until the end of 2023 under existing contracts, an EU source told Reuters on Wednesday.

"Russian oil is now 'bad oil'," SEB chief commodities analyst Bjarne Schieldrop said.

EU set to unveil sanctions on Russian oil as fighting rages in Ukraine

"This energy war of 'good oil' versus 'bad oil' has just started," he added.

Investors are also waiting for an announcement from the U.S. Federal Reserve on Wednesday. It is expected to intensify efforts to bring down high inflation by raising interest rates and reducing its balance sheet.

In the United States, crude and fuel stocks fell last week, according to market sources citing American Petroleum Institute figures. Crude stocks fell by 3.5 million barrels for the week ended April 29, they said. This was more than an expected 800,000-barrel drop estimated in a Reuters poll.

U.S. government data on stocks is due on Wednesday.

Oil prices fell more than 2% on Tuesday on demand worries stemming from China's prolonged COVID-19 lockdowns that have curtailed travel plans during the Labour Day holiday season.

The global manufacturing purchasing managers index contracted in April for the first time since June 2020, with China's lockdowns a key contributor, Caroline Bain, chief commodities economist at Capital Economics said in a note.

The Organization of the Petroleum Exporting Countries and their allies on Thursday are expected to stick to their policy for another monthly production increase.

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SAMIR SARDANA May 04, 2022 09:11pm
Like I said on https://www.brecorder.com/news/40170762/germany-drops-opposition-to-russian-oil-ban-ministers-say on the 3 rd of May 2022 "This will take up, the Oil prices ,further !" OIl is now in a vertical trajectory The China COVID is an Old story Iranian N-deal is dead,and if sanctions are placed,on Iran - then the Oil to Southern EU, will also go kaput Who will pump the incremental oil ? It is obvious that the SPR release was USELESS - like I said ON https://www.brecorder.com/news/ 40166811/palm-gain s-about-3-to- near-three-week-high-as-stocks-tighten, ON APR 13, 2022 02:40AM "WHAT IS THE POINT OF RELEASING OIL FROM SPR AT 95 USD ,AND THEN RESTOCKING THE SPR AT 101 USD ?: dindooohindoo WILL THIS STOP PUTIN ?IF HE OFFERS OIL TO PRC AND INDIA AT 85 USD - THEY WILL BUY ! NEIN ! HE HAS THE SOUTH of UKRAINE,AND NOW,HE WILL MOVE IN FROM BELARUS !
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