Oil prices rise more than 5% after damage to Russian oil terminal

The oil prices They rose above $120 a barrel on Wednesday, buoyed by the prospect of new sanctions against Russia, falling US stocks and damage to a Russian oil terminal.

the barrel of North Sea Brent for May delivery closed 5.29% higher at $121.60.

In New York, the barrel of West Texas Intermediate (WTI), for May, climbed 5.17%, to end at 114.93 dollars.

“It looks like all the winds are blowing to the upside,” said Phil Flynn of brokerage Price Futures Group.

“It’s very difficult to sell in this market given the headlines,” added Stephen Schork, analyst and author of the Schork Report.

According to the latter, among the factors that boosted prices was the prospect of new sanctions against Russia after a series of summits scheduled for Thursday in Brussels.

Even before these meetings, US President Joe Biden already promised new Western sanctions against Moscow, although he did not provide details.


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