The price of North Sea oil soared after the market opened on Monday. Half an hour after opening, it had risen by almost 9% to almost USD 129 a barrel.
At the highest point, just after opening, the price was USD 139 a barrel, an increase of 18%, according to Bloomberg.
The price increase came after an increase of 21% last week. The price of American WTI oil also rose by around 10%, peaking at almost USD 128 per barrel. CNBC writes that that is the highest WTI oil price in 13 years.
According to Bloomberg, the rise in prices is linked to discussions between the United States and its allies about a possible trade ban on Russian oil in response to Russia’s invasion of Ukraine.
“We are now talking to our European partners and allies about coordinately looking at the possibilities of banning the import of Russian oil,” US Secretary of State Antony Blinken told CNN on Sunday. The talks also revolve around “ensuring that there is still a healthy supply of oil in the market,” Blinken said.
At the end of last year, Russia was the world’s fourth-largest exporter of crude oil and petroleum products after Canada, Mexico, and Saudi Arabia, according to US authorities.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
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