Crude oil prices continue to rise after it was announced that the United States plans to impose sanctions on oil imports from Russia today.
- WTI crude futures rose $8.91, or 7.46%, to $128.31 a barrel.
- Brent crude futures rose $9.19, or 7.5%, to $132.40 a barrel.
As Bloomberg News reports, the United States will impose sanctions on oil and liquefied natural gas imports from Russia later today in retaliation for the deployment of Russian troops in Ukraine.
President Joe Biden is prepared to impose sanctions even without the support of European allies. The United States is expected to be ready to act on its own if Europe does not want to join sanctions against Russian oil imports because of its higher dependence on Russian energy products.
Germany has in the past opposed plans to ban Russian oil imports.
Russia is a major oil exporter in the market, exporting crude oil and petroleum products at the rate of about 7 million barrels per day.
Russian Deputy Prime Minister Alexander Novak has warned that oil prices could rise above $300 per barrel if there is a suspension of oil imports from Russia.
Investors are awaiting the release of U.S. crude oil inventories today by the American Petroleum Institute (API) and tomorrow by the U.S. Federal Energy Information Administration (EIA).