Oil Price Continues to Rise after the US Ban on Russian Imports

Oil prices rose sharply in Asian trade amid fears of a possible supply shock after the United States banned Russian oil imports yesterday and leading energy companies have already given up on their own, CNBC reported.

The Brent variety, which is the reference for Europe, added $ 2.91 or 2.27 percent to $ 130.89 a barrel after jumping 3.9 percent in the previous session.

US light crude rose $ 2.34, or 1.89 percent, to $ 126.04 a barrel, after rising 3.6 percent yesterday.

US President Joe Biden yesterday banned imports of oil and other energy from Russia, and Britain said it would phase out Russian oil imports by the end of 2022 in response to Russia's invasion of Ukraine.

/BTA

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