Oil rises as US prepares new sanctions against Russia Business


Oil prices started to rise again this morning amid growing expectations of further sanctions against Russia.

The United States said it would announce new measures against Moscow this week, including potential restrictions on energy supplies.

French President Emmanuel Macron also called for a ban on oil and coal imports from Russia, but refrained from targeting gas.

This comes in response to growing evidence that Russian troops have committed atrocities against civilians in Bucha and other Ukrainian towns.

Benchmark Brent crude rose 1.8% to top $109 a barrel, while West Texas Intermediate hit $105.

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What happened overnight

  • Russia’s final sovereign bond coupon payments were halted by the US Treasury on Monday evening, bringing it closer to a historic default. A U.S. Treasury spokeswoman said: “Today is the deadline for Russia to make another debt payment. Effective today, the U.S. Treasury will not authorize any debt payments in dollars from Russian government accounts at U.S. financial institutions. Russia must choose between depleting precious dollar reserves or coming in new revenue, or defaulting.”
  • Trade was tepid in Asia, with Hong Kong, Shanghai and Taipei closed for the holidays. Tokyo, Sydney, Singapore, Jakarta and Wellington rose slightly, while Seoul and Manila fell.

coming today

  • Business : HomeServe, Moonpig (commercial update)
  • Economy: Service performance index (UK, EU, US)Compound PMI (EU, US)

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This notice was published: 2022-04-05 07:04:05

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