Oil Posts a Weekly Gain as EU Considers a Ban on Russian Oil
- Europe Union drafting a phased-in ban on Russian oil exports
- WTI settles near $107 Thursday, posts 8.8% weekly gain
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Oil notched a weekly gain as traders weighed a global supply deficit, a potential ban on Russian oil from the European Union and China’s latest virus lockdowns.
West Texas Intermediate settled near $107, rising 8.8% for the week. Oil rallied Thursday afternoon after a report that the European Union is moving toward adopting a phased-in ban on Russian oil. President Vladimir Putin vowed to continue the invasion of Ukraine earlier this week, pointing to a prolonged disruption of Russia’s energy exports. Additionally, the International Energy Agency said in a report that OPEC+ members provided only 10% of their promised supply increases last month.