U.S. oil futures end nearly 4% higher as U.S. bans imports of Russian oil

0
79

Oil futures climbed Tuesday, with U.S. prices up by nearly 4%, after President Joe Biden announced a ban on imports of Russian oil. “How high oil prices will need to go depends primarily on how much and for how long the market will need to shun export barrels from Russia and whether other buyers, such as China, will step in to increase its purchases of oil from Russia,” said Bjørnar Tonhaugen, head of oil markets at Rystad Energy. West Texas Intermediate crude for April delivery CLJ22, +3.35% rose $4.30, or 3.6%, to settle at $123.70 a barrel on the New York Mercantile Exchange. That was the highest front-month finish since August 2008, FactSet data show.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleCoronavirus Update: Dismay over Florida’s contrarian childhood-vaccination stand
Next articleThe Tell: How the Federal Reserve could cut its near $9 trillion balance sheet as it fights inflation

LEAVE A REPLY

Please enter your comment!
Please enter your name here