U.S. crude rises above $103 per barrel
Germany will stop importing oil from Russia by the end of the year, said German Foreign Minister Annalena Baerbock
Oil prices added to gains on Thursday over concerns about supply due to a possible European Union ban on Russian oil.
U.S. benchmark crude added $1.23 to $103.39 a barrel. It rose 0.2% Wednesday, now up nearly 40% for the year and pushing gasoline prices higher. Brent crude, the international standard, jumped $1.55 to $108.35 a barrel.
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Oil rig at sunrise (REUTERS/Todd Korol/File Photo)
The oil industry is concerned about demand in China, as the world's biggest oil importer slowly eases strict COVID-19 curbs, according to Reuters.
RUSSIA INVADES UKRAINE: LIVE UPDATES
Germany will stop importing oil from Russia by the end of the year, said German Foreign Minister Annalena Baerbock after a meeting with her Baltic counterparts on Wednesday.
"I therefore say here clearly and unequivocally yes, Germany is also completely phasing out Russian energy imports," said Baerbock.
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The oil market remains tight with the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+, struggling to meet their production targets and with U.S. crude stockpiles down sharply in the week ended April 15.