Oil rises again
OIL prices settled up more than 7 per cent on Monday, with global benchmark Brent climbing above US$115 a barrel as European Union nations disagreed on whether to join the United State s in a Russian oil embargo after an attack on Saudi oil facilities.
Brent futures settled at US$115.62 per barrel, up US$7.69 or 7.12 per cent, while US West Texas Intermediate (WTI) crude futures settled at US$112.12 per barrel, up $7.42 or 7.09 per cent.
European Union governments will consider whether to impose an oil embargo on Russia over its invasion of Ukraine as they gather this week with US President Joe Biden for a series of summits designed to harden the West’s response to Moscow.
The EU and allies have already imposed a panoply of measures against Russia, including freezing its central bank’s assets.
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 to the growing list of US companies retreating from Russia — including Baker Hughes, ExxonMobil, Shell and BP.
