WTI Crude Oil Prices Soaring Today Amidst The EU Announcing Their Plans To Ban Russian Oil Imports.
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Summary:
- Major concerns around supply of oil.
- EU to cut demand for all Russian energy imports within a year.
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Crude Oil Prices Continue To Surge.
The ongoing lockdown in China caused the prices of crude oil to fall, the fall comes despite the production issues around oil. The concerns about supply of oil have become much more serious, according to the International Energy Agency, crude oil demand is meant to increase this year, this outlook remains even taking into account the reduction in demand as a result of the extended lockdowns in China.
The concerns around supply have outweighed the fall early this week, especially after the EU’s intentions to stop imports of Crude Oil from Russia within 6 months, and all energy within 1 year.
European Union’s plans to ban Russian Crude Oil Imports.
The European Union announced their plans to ban imports for Russian crude oil within the next 6 months, the announcement pushed the price of WTI crude oil up by almost 4%. This move comes in an attempt to cut off Russia from the EU and by doing so, starve their economic reserves which are currently funding Russia’s invasion of the Ukraine.
WTI Crude Oil Futures Price Chart.
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Sources: finance.yahoo.com, barrons.com
