Oil prices rose on Tuesday, extending gains from the previous session, as the European Union firmed up plans to tighten sanctions on Russia this week, with Germany saying it was prepared to back an immediate embargo on Russian oil.
Brent crude futures rose 25 cents, or 0.2 per cent, or $107.83 a barrel at 0234 GMT, while US West Texas Intermediate (WTI) crude futures climbed 17 cents, or 0.2 per cent, to $105.34 a barrel.
“Crude prices are up after comments from Germany’s economy minister, which noted that the EU plans to ban Russian oil imports either immediately or in a few months,” said Stephen Innes, managing partner at SPI Asset Management.
