Oil rises nearly 5% on fresh US sanctions against Russia

Oil prices rose nearly 5 percent on Thursday after the U.S. imposed sanctions on major Russian suppliers Rosneft and Lukoil over the Ukraine war, extending gains from the previous session. Brent crude futures were up $2.98, or 4.8 percent, at $65.57 a barrel at 12:11 GMT, while U.S. West Texas Intermediate crude futures were up $3.01, or 5.2 percent, at $61.51. The U.S. sanctions mean refineries in China and India, major buyers of Russian oil, will need to seek alternative suppliers to avoid exclusion from the Western banking system, according to Saxo Bank analyst Ole Hansen. The U.S. said it was prepared to take further action as it called on Moscow to agree immediately to a ceasefire in Ukraine. Britain sanctioned Rosneft and Lukoil last week. EU countries have approved a 19th package of sanctions against Russia that includes a ban on imports of Russian LNG. Prompt Brent crude futures switched to backwardation as the first-month Brent contract traded at nearly $2 a barrel above the contract for delivery in six months. Right after the U.S. sanctions were unveiled, Brent and WTI futures roWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times