NEW YORK / LONDON (dpa-AFX) – The strong price fluctuations on the oil market before the top meetings of NATO and the EU with US President Joe Biden continued. New economic sanctions against Russia are to be discussed at the talks in Brussels on Thursday. Among other things, this involves the question of possible import bans on Russian crude oil.
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After oil prices had fallen significantly on Tuesday, they rose sharply again by midday on Wednesday. A barrel (159 liters) of the North Sea Brent cost 118.69 US dollars. That was $3.21 more than the day before. The price for a barrel of the US West Texas Intermediate (WTI) variety rose by 2.73 dollars to 112.00 dollars. Since the beginning of the week, speculation about new sanctions against Russia, which could also affect oil trade, has moved oil prices.
Many countries have already imposed severe sanctions on Russia, which is one of the world’s largest oil producers. The USA has also decided that it no longer wants to import Russian oil, and Great Britain has announced the target for the end of the year. In the European Union (EU), on the other hand, there seems to be no sign of an import ban, as some countries such as Germany are opposed to it.
In a speech to the Bundestag on Wednesday, Chancellor Olaf Scholz (SPD) reaffirmed that he saw no short-term possibility of forgoing energy supplies from Russia. Germany wants to end its dependency on oil, gas and coal from Russia in the long term, said Scholz. “But to do that from one day to the next would mean plunging our country and the whole of Europe into a recession,” he warned.
“The resistance in some EU countries with a high dependence on Russian oil is still considerable,” commented commodities expert Carsten Fritsch from Commerzbank on the current situation. A further escalation of the Russian warfare in Ukraine against the civilian population there could still persuade these countries to give in, said Fritsch./jkr/bgf/eas