Brent nears $130.5 as US bans Russian oil imports

09/03/2022 Argaam

Oil drilling rigs

Oil prices rose on Wednesday amid reports of the US ban on Russian oil imports and Britain's plan to phase them out by the year end.

 

The international benchmark was trading up 1.89% at $130.40 per barrel, at 9.00 am Makkah time.

 

West Texas Intermediate (WTI) crude rose 1.56% to $125.63 a barrel.

 

US President Joe Biden on March 8 imposed an immediate ban on Russian oil and other energy imports and Britain said it would phase out Russian oil imports through the end of 2022.

 

Shell also decided to stop immediate purchases of oil and natural gas from Russia, as well as to close its refueling stations and other operations in the country.

 

Meanwhile, US crude stocks rose by 2.8 million barrels for the week ended March 4, data from the American Petroleum Institute showed.

 

The US Energy Information Administration will release official inventory data later today.

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