Oil prices increase as US impose further sanctions on Russia
Brent crude rose above US $118 a barrel on Thursday, the highest since February 2012, coming closer to US$120 per barrel; as the sanctions on Russia sparked global oil supply worries.
Brent crude futures rose as high as $119.84 a barrel.The contract was at $119.78 a barrel by 0752 GMT.
Meanwhile, the U.S. West Texas Intermediate crude rose to $116.57. It was $116.41 a barrel.
The United States on Wednesday slapped fresh sanctions on Russia’s oil refining sector with new export bans, which will make it harder for Russia to modernise its refinery sector.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia said they will continue their agreement of an increase of 400,000 barrels per day (bpd) each month from August.
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