Oil prices climb as EU announces phased embargo on Russian oil
Oil prices climbed on Wednesday, after the European Union announced a proposal to phase out Russian oil.
Traders... Oil prices climbed on Wednesday, after the European Union announced a proposal to phase out Russian oil. Traders have harbored mixed views on whether a ban of Russian oil would materialize from the bloc, though Germany last week dropped its opposition to such a move. “Russia provides around a quarter of EU oil imports with Germany the top buyer importing around a third of its oil last year. This development is likely to create severe headwinds for the EU economy, particularly Germany with the potential to push price levels higher and exacerbate the inflationary backdrop,” said Victoria Scholar, head of investment at interactive investor, in a note to clients.
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