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Oil prices surge as US bans Russian crude oil imports

Earlier on Tuesday, the US banned all imports of crude oil from Russia
08 March 2022, Bavaria, Munich: Diesel and gasoline prices are displayed at a gas station in Munich Schwabing. Due to the war in Ukraine, fuel prices have increased significantly. Photo: Tobias Hase/dpa.
Diesel and gasoline prices are displayed at a gas station in Munich. Photo: Tobias Hase/dpa.

Oil prices have surged following Washington's ban on Russian oil imports. A barrel of North Sea Brent cost $131.41, up $8.21 on Monday's price, while the price of a barrel of US West Texas Intermediate (WTI) rose by $7.91 to $127.21.

The price of a barrel of Brent peaked briefly at $139 while WTI reached more than $130 on Monday.

Earlier on Tuesday, the US banned all imports of crude oil from Russia, US President Joe Biden said, while Britain also plans to phase out Russian oil imports by the end of 2022.

EU countries do not plan to take similar measures, with German Economics Minister Robert Habeck warning an embargo on Russian oil and gas could lead to a severe economic slump in Germany and Europe.

OPEC Secretary General Mohammed Barkindo warned that global oil production would not be enough to compensate for a complete shortfall in Russian supplies.

Meanwhile Fatih Birol, head of the International Energy Agency (IEA), said additional oil reserves could be released if necessary.

Oil prices surge as US bans Russian crude oil imports
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