Oil extends rally after US bans Russian imports, prompting supply fears
Oil prices rose on Wednesday as the US ban on Russian oil imports and Britain’s plan to phase them out by year end raised concerns of tighter global supply.
Brent crude futures were up $2.17, or 1.7 per cent, at $130.15 a barrel at 0133 GMT, after jumping 3.9 per cent the previous day.
US West Texas Intermediate (WTI) crude futures were up $1.57, or 1.3 per cent, at $125.27 a barrel, after also surging 3.6 per cent on Tuesday.
US President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports and Britain said it would phase out Russian oil imports through the end of 2022.
