WTI Crude Surges on EU’s Partial Russian Oil Ban

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WTI Crude Surges on EU’s Partial Russian Oil Ban

Oil prices are at their highest in more than two months after the EU announced a partial ban on Russian oil imports. WTI crude was recently trading 3.3% higher at $118.83 a barrel, a level not seen since March 8, which was the day President Biden announced a US ban on Russian oil. WTI crude closed that day at $123.70 a barrel, the highest closing price since Aug. 1, 2008. “Today’s move takes the price of oil near our near-term target of $120, that will likely be successfully challenged and rise towards $125,” Spartan Capital’s Peter Cardillo says in a research note.