[ad_1]
DAVID McHUGH
AP Business Writer
FRANKFURT, Germany (AP) — Oil prices have risen as the first strong measures to limit Russia’s oil profits over the war in Ukraine took effect. The new sanctions bring with them uncertainty about how much crude could be lost to the global economy through Russian retaliation or evasion. International benchmark Brent crude rose 2% Monday to $87.30 per barrel. That’s after the OPEC+ alliance of oil producers, including Russia, made no changes to supply plans because the impact of the new sanctions on Russian oil aren’t yet clear. Starting Monday are a European Union embargo on most Russian oil and a price cap of $60 per barrel on Russian exports to other countries.
KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.
Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here
If you would like to share a story idea, please submit it here.
[ad_2]
Source link