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Dhaka Monday,  Dec 5, 2022

Oil Soars As Russian Energy Supply Fears Intensify

Reuters, London

Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports.

Brent crude rose $4.82, or 4.9 per cent, to $102.75 by 1028 GMT after touching a high of $105.07 a barrel in early trade. The Brent contract for April delivery expires on Monday. The most active contract, for May delivery, was up $4.74 at $98.86. US West Texas Intermediate (WTI) crude was up $4.62, or 5 per cent, at $96.21 after hitting $99.10 in early trade. “Growing concerns about disruptions to Russian energy supplies are pushing oil and gas prices up sharply,” said Commerzbank analyst Carsten Fritsch.

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