Oil prices higher in early Asian trading as EU-wide ban of Russian oil considered
Reports from Yemen also boosted oil prices
Here are your FOX Business Flash top headlines for March 21.
Oil prices were higher in early Asian trade, on reports that support for a European Union-wide ban on the purchase of Russian oil is growing inside the bloc.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND - USD ACC | 73.20 | +1.18 | +1.64% |
| UGA | UNITED STATES GASOLINE FUND - USD ACC | 62.76 | +0.37 | +0.59% |
Reports Houthi rebels have launched multiple attacks at some Saudi Aramco sites was also driving oil prices higher, Oanda says.
"The oil rollercoaster ride remains a geopolitical trade and right now it seems the risks are growing and that could push crude prices higher," Oanda said.
April WTI crude oil futures and Brent are each 1.8% higher at $114.16/bbl and $117.65/bbl, respectively.
Both contracts had settled up more than 7% on Monday as the potential for more supply disruptions weighed on the market.
Oil prices were higher in early Asian trade, on reports that support for a European Union-wide ban on the purchase of Russian oil is growing inside the bloc. (iStock / iStock)
European Union foreign ministers are split on whether to join the United States in sanctioning Russian oil, with some countries including Germany arguing that the bloc is too dependent on Russia's fossil fuels.
"The proposed ban is still some way from becoming policy because a significant number of EU nations oppose the ban," analysts for Commonwealth Bank of Australia wrote in a note.
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"Still, the fact that the ban is being discussed at all is a significant shift," the note added.
Oil prices were higher in early Asian trade, on reports that support for a European Union-wide ban on the purchase of Russian oil is growing inside the bloc. (Reuters / Reuters Photos)
At the same time, Saudi Arabia has warned it would not bear responsibility for disruptions to global oil supply following attacks on its oil facilities by Iranian-aligned Houthis.
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The comments came after the group fired missiles and drones at Saudi oil facilities over the weekend, causing a temporary decline in refinery output.
- Reuters contributed to this report.