Al-Marsad Newspaper – Agencies: Oil prices, at the beginning of Asian transactions today, Thursday, continued to achieve gains from the previous session, driven by the European Union’s proposal to impose new sanctions on Russia, including the Russian oil embargo within 6 months.
Brent crude futures rose 22 cents to reach the price of a barrel at 110.36 dollars by midnight GMT.
West Texas Intermediate crude futures also consolidated its gains, rising by 15 cents, to eventually settle at $107.96 a barrel.
With these increases, the two benchmark crudes rose by more than $5 a barrel, yesterday, Wednesday, according to Archyde.com.
Yesterday, Wednesday, the European Commission, through its President Ursula von der Leyen, proposed to European countries to gradually reduce imports of Russian oil within 6 months and refining products by the end of 2022, but the proposal needs unanimous support from the bloc’s countries to activate it.