Potential EU ban on Russia oil imports supports prices
WTI crude (OIL.WTI) futures jumped nearly 5% at the beginning of the week, extending gains for a third straight session as the peace talks between Ukraine and Russia showed little sign of progress, while major oil producers struggled to meet their allotted quotas under a supply agreement. Media reports began to circulate saying that EU countries are holding discussion over the possibility of complete ban on Russian oil. Decision could come as soon as this week and the ban would be part of the fifth EU sanction package. The rally comes despite more signs of an Iran nuclear deal and rising number of new Covid in China.
OIL.WTI price rose sharply on Monday and if current sentiment prevails, resistance at $114.00 may be at risk. The nearest support lies at $103.80. Source: xStation5
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