Oil prices continue rally, Brent hits $116 per barrel
The latest round of sanctions on Russia's oil refining sector raised concerns that Russian oil and gas exports could be targeted next
FOX Business Flash top headlines for March 2
Here are your FOX Business Flash top headlines for March 2.
Oil prices continue to rally as shipping and supply concerns continue due to Russia's invasion of Ukraine.
Both U.S. crude and Brent have traded above $110 per barrel.
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Brent crude is trading above the $116 level.
U.S. crude gained $2.45 to $113.06 per barrel in electronic trading on the New York Mercantile Exchange. Brent, the price basis for international oils, added $2.15 to hit $115.08 per barrel in London.
OPEC and its allies, including Russia, decided to maintain an increase in output by 400,000 barrels per day in March despite the price surge and ignoring calls from consumers for more crude, according to Reuters.
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The latest round of sanctions by Washington on Russia's oil refining sector raised concerns that Russian oil and gas exports could be targeted next.
So far, Russia's oil and gas exports haven't been targeted.
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Russia is the world’s No. 3 oil producer and the largest exporter of oil to global markets, according to the International Energy Agency.