NextGen Day

NEW YORK (AP) – Oil prices spiked on Wednesday as the European Union (EU) announced a plan to phase out Russian oil, causing supply concerns.

On the New York Mercantile Exchange, the West Texas Intermediate (WTI) for June delivery gained 5.4 US dollars, or 5.3 percent, to settle at 107.81 dollars a barrel.

On the London ICE Futures Exchange, Brent crude for July delivery rose 5.17 dollars, or 4.9 percent, to close at 110.14 dollars a barrel.

According to European Commission President Ursula von der Leyen, Russia’s crude oil supplies will be phased out in six months and refined goods by the end of the year.

The plan is part of a sixth round of sanctions against Russia for its military intervention in Ukraine.

According to Carsten Fritsch, an energy analyst at Commerzbank Research, EU countries purchased an average of 3.5 million barrels of crude oil and oil products per day from Russia in the fourth quarter of 2021, according to data from the International Energy Agency.

“This quantity now has to be sourced somewhere on the market,” he continued. “If all other variables remain equal, supply will likely tighten, pushing up costs.”

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

Feel free to Email Us for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---