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US crude hits five-week highs on Russian supplies concerns
Oil prices gained ground today with US crude hitting five-week highs and Brent scaling two-week highs amid concerns about Russian supplies.
Oil Prices
US crude prices rose 1.9% to $109.60 a barrel, the highest since March 28, while Brent climbed 1.5% to $112.08 a barrel.
US crude rose 3.9% on Wednesday, while Brent added 4.1% as Europe plans a ban on Russian crude supplies.
The EU
The European Commission suggested a gradual ban on Russian crude supplies to punish it for the war in Ukraine, while also punishing the largest bank in Russia.
The commission plans to cut off Russian oil supplies in six months, and all refined products by the end of the year.
OPEC on the other hand warned that Russian oil supplies couldn't be replaced, while expressing concerns about slower demand in China due to Covid 19.
OPEC + countries committed to the previous plans of increasing output by 432 thousand bpd, decided last June.
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