Oil up as Russia gas flow to Europe falls, EU Russian oil ban looms
Posted: Wed May 11, 2022 9:52 pm
https://www.cnbc.com/2022/05/11/oil-mar ... ussia.html
Oil prices jumped on Wednesday after plunging nearly 10% in the previous two sessions, buoyed by supply concerns as flows of Russian gas to Europe fell and the European Union worked on gaining support for a Russian oil embargo.
Russian gas flows to Europe via Ukraine fell by a quarter after Kyiv halted use of a major transit route blaming interference by occupying Russian forces. It was the first time exports via Ukraine have been disrupted since the invasion.
Brent crude rose $5.63, a 5.5% increase, to $108.09 a barrel by 1:13 p.m. EDT. U.S. West Texas Intermediate crude climbed $6.47 to $106.23.
Oil prices jumped on Wednesday after plunging nearly 10% in the previous two sessions, buoyed by supply concerns as flows of Russian gas to Europe fell and the European Union worked on gaining support for a Russian oil embargo.
Russian gas flows to Europe via Ukraine fell by a quarter after Kyiv halted use of a major transit route blaming interference by occupying Russian forces. It was the first time exports via Ukraine have been disrupted since the invasion.
Brent crude rose $5.63, a 5.5% increase, to $108.09 a barrel by 1:13 p.m. EDT. U.S. West Texas Intermediate crude climbed $6.47 to $106.23.