Oil prices jump as EU aims for Russian oil ban

Xinhua News Agency

 

NEW YORK – Oil prices rose sharply on Wednesday, May 4, after the European Union (EU) unveiled a plan to phase out Russian oil, triggering concerns over tight supplies.

The West Texas Intermediate (WTI) for June delivery added US$5.4, or 5.3%, to settle at US$107.81 a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased US$5.17, or 4.9%, to close at US$110.14 a barrel on the London ICE Futures Exchange.

European Commission President Ursula von der Leyen said Wednesday that the EU will phase out the Russian supply of crude oil within six months and refined products by the end of the year. The plan is part of the sixth package of sanctions targeting Moscow over its military operation in Ukraine.

EU countries imported on average 3.5 million barrels of crude oil and oil products per day from Russia in the fourth quarter of 2021, said Carsten Fritsch, energy analyst at Commerzbank Research, citing data from the International Energy Agency.

“This quantity now has to be sourced elsewhere on the market, which is likely to tighten supply if all other things remain equal and should, in turn, push up prices,” he said. (Xinhua) – bny 

Popular

Transport chief tackles updates on timely issues at Palace press briefing

By Dean Aubrey Caratiquet A safe, efficient, accessible, and affordable transportation system is the hallmark of a progressive nation. It serves as a long-term goal...

PBBM: Middle East crisis no effect on economy, price gouging monitored

By Ruth Abbey Gita-Carlos | Philippine News Agency The government is monitoring the price gouging amid conflict in the Middle East, President Ferdinand R. Marcos...

Malacañang champions responsible usage of AI, warns vs disinformation ahead of SONA

By Dean Aubrey Caratiquet Rapid technological advancements, especially in the field of artificial intelligence (AI), have served as the breeding ground for new threats that...

PBBM assures safe, timely repatriation of Filipinos amid Israel-Iran conflict

By Brian Campued President Ferdinand R. Marcos Jr. has directed all concerned government agencies to safely repatriate overseas Filipino workers (OFWs) from Israel and Iran...