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WTI rallies into $106.00s, eyes recent highs near $110 with focus on EU’s proposed embargo on Russian oil

Oil prices have turned sharply higher this Wednesday in wake of a proposal by the European Commission to phase out all imports of Russian oil within six months, end imports of refined products by the end of the year and kick Russia’s top bank out of the SWIFT global payments system. EU nations will have to unanimously agree on the proposal for it to take effect and a few smaller nations (Hungary, Bulgaria, Slovakia) have been kicking up a fuss, meaning a final deal was not reached on Wednesday.

https://www.fxmag.com/commodities/wti-rallies-into-106-00s-eyes-rec...

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