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Reuters
Oil extends rally as EU members weigh Russian ban
Oil prices extended gains on Tuesday as some European Union members discussed a potential oil embargo on Russia and attacks on Saudi facilities sent jitters through the market. Front-month West Texas Intermediate futures were up $2.20, or 1.96%, to $114.32 a barrel on NYMEX and Brent futures were up $3.18, or 2.75%, to $118.80 a barrel on the Intercontinental Exchange at 0440 GMT. European Union foreign ministers are split on whether to join the United States in sanctioning Russian oil, with some countries including Germany arguing that the bloc is too dependent on Russia’s fossil fuels.
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