Prices of a barrel of Brent and Texas oil today, May 7: how much does it cost and how much is it quoted?

Prices of a barrel of Brent and Texas oil as we speak, May 7: how much does it cost and how much is it quoted?
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Crude oil costs set their second consecutive weekly rise. This after the European Union formally proposed to ban imports of all crude oil and oil merchandise. Petroleum Russians by the tip of the yr.

Let’s be clear: it will not be simple. Some Member States are extremely depending on Russian oil, however we simply must work on it. Now we suggest a ban on Russian oil. This might be a whole import ban on all Russian oil, by sea and by pipeline, crude and refined.” stated Ursula von der Leyen, President of the European Fee.

In accordance with Reutersalthough the preliminary proposal referred to as for an finish to imports of Russian crude oil and oil merchandise by the tip of this yr, The EU is modifying its sanctions plan to make sure the required unanimous assist from the 27 member nations for the measure to cross.

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Prices of a barrel of Brent and Texas oil as we speak, May 7: how much does it cost and how much is it quoted?

In accordance with Oil Worth Chartsa famend web site that has greater than 150 oil indices and mixtures worldwide, Brent futures rose $1.49, or 1.3 %, to settle at $112.39 a barrel. In the meantime, US crude West Texas Intermediate (WTI) was up $1.51, or 1.4%, buying and selling at $109.77 a barrel.

Through the week, WTI gained round 5%, whereas Brent rose virtually 4%. In April, each Brent and WTI posted their fifth consecutive month-to-month achieve, the longest run of month-to-month features because the starting of 2018.

The rise in crude costs has been fueled by fears that Russian provide will proceed to be disrupted by the battle in Ukraine. Despite the fact that a number of nations have agreed to launch barrels from their strategic reserves, long-term measures nonetheless have to be discovered to cowl Russian provide.

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