The move came amid concerns about further market tightness as those nations hunt for adequate supply. Crude prices jumped on Wednesday after the European Union proposed a ban on oil imports from Russia as part of a new round of sanctions targeting the country after its invasion of Ukraine.
Brent crude, the global benchmark for oil, jumped more than four percent on the news and was trading at around $110 (£88) a barrel.
According to reports, Crude prices will likely go even higher after already surging following Russia’s invasion of Ukraine.
Europe is hugely dependent on Russian oil imports.
It gets about a quarter of its oil from Russia, by far the biggest single source of oil imports into the continent.
Europe imports some 3.5 million barrels of Russian oil and oil products daily, and also depends on Moscow’s gas supplies.
Phil Flynn, senior analyst at Price Futures Group told Reuters: “Inventories are so tight, so against this backdrop, when you’re talking about this ban, there are a lot of questions on how (Europe) is going to make up for this.”
Brent crude futures settled up $5.17 (£4.12), or 4.9 percent, to $110.14 (£87.75) a barrel. West Texas Intermediate crude futures settled at $107.81 (£85.89) a barrel, up $5.40 (£4.30), or 5.3 percent.
European Commission President Ursula von der Leyen on Wednesday proposed a phased oil embargo on Russia, as well as sanctioning Russia’s top bank.
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