Oil Closes Higher After the U.S. Bans Russian Oil Imports

Crude oil futures closed nearly 4% higher on Tuesday (March 8) after the United States announced sanctions against Russian oil imports in response to the Russian invasion of Ukraine.

  • WTI crude futures rose $4.30, or 3.6%, to close at $123.70 a barrel.
  • BRENT crude futures rose $4.77, or 3.9%, at $127.98 a barrel.

Crude oil contracts are rising after President Joe Biden issued a statement last night that the United States will suspend oil and natural gas imports from Russia. This measure will prevent Russia from continuing to deliver oil to U.S. ports.

Meanwhile, Russian Deputy Prime Minister Alexander Novak has warned that oil prices could rise above $300 per barrel if Western countries continue their plans to suspend oil imports from Russia.

Goldman Sachs has raised its forecast for Brent crude oil prices this year and next. This year it rose from $98/barrel to $135/barrel and next year from $105/barrel to $115/barrel.

The reason is that the world economy will face the biggest problem in oil supply amid the crisis in Ukraine, which has led to international sanctions against Russia.

Investors are waiting for the report on U.S. crude oil inventories. The information from the EIA is to be published today.

The Spot Market is Open

Wednesday, March 9, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
11.00

126.36

+2.66

2.15%

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