Crude prices spike on reports the EU plans to ban Russian oil
- Oil
- April 15, 2022
Crude oil prices jumped late in the afternoon on Thursday, pushed by reports from the New York Times that the EU is drafting a ban on Russian oil products. The measure should not be assessed into details before the second round of the French presidential election planned on April 24 for which President Macron still holds a tight margin against the far-right candidate Marine Le Pen. Brent first nearby prices traded to a two-week high at $112.39/b yesterday and the closing out of trading positions ahead of the long Easter weekend may have fueled the bullish trend towards the close.
In the US, the Baker Hughes rig count was released on Thursday due to the Easter weekend and revealed a further increase in the number of active oil rigs to 548.
Share this news :
You might also read :
The European power spot prices fell yesterday amid pressure from forecasts of strong renewable production and a drop in clean gas and coal costs as…
February 18, 2021
EUAs continued to retreat amid weaker energy prices
Expectations of weaker demand and slightly improved nuclear availability continue to weigh on the European power spot prices yesterday which eroded 2.60€/MWh to 47.13€/MWh on…
November 18, 2021
Time spreads discount SPR release risk
Crude prices weakened, to reach 79.4 $/b for ICE Brent January contracts, as Biden tried to convince other countries to release crude from their domestic SPR.…