Oil closes up more than 7%; Trades above $110

spurred on by the prospect of a possible European ban on Russian crude exports, toYou Oil prices rose more than 7 percent on Monday.

The North Sea Brent barrel For May delivery, it closed sharply up 7.12 percent at $115.62 in London, the highest level in 10 days.

Meanwhile, the West Texas Intermediate (WTI) barrel For April delivery, it rose 7.08 percent to $112.12 in New York, topping $110 for the first time in two weeks.

The Ministers of Foreign Affairs and Defense of the European Union met in Brussels last Monday Study of new sanctions against Moscow after the Russian invasion of Ukraine.

Irish Foreign Minister Simon Coveney said he was “open” to the possibility of restrictions on Russia’s energy sector, which has so far been relatively exempt from European sanctions.

He estimated that given the situation in Ukraine, it would be appropriate to “cut off normal trade” of oil and natural gas with Russia.

ukrainian president, Volodymyr Zelensky called on the European Union on Monday to reject Russian hydrocarbons.

“The question of the oil embargo is not whether we want it or not, but how much we depend on this oil,” German Minister Annalena Barbock said.

Germany and the Netherlands are by far the EU’s most dependent on Russian supplies.

The prospect of additional sanctions against Russia, which Western buyers have already applied, is a “tremendous risk” and could push prices further, said Stephen Innes of SBI Asset Management.

“I think it would be difficult for the whole European Union to accept” the ban, James Williams of WTRG Economics said. For Andrew Lebow, of the Commodities Research Group, a further marked deterioration of the conflict could “make the Germans move” on the issue.

eA comprehensive ban imposed by the European Union will deprive Russia of a destination of about 2.5 to 3 million barrels daily of crude oil, according to the sources, and Europe has a quarter of its black gold needs.

The United States and the United Kingdom have already decided to impose an embargo on Russian oil.

MPA