[size=36]Brent crude rises above $109 a barrel[/size]
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, Bloomberg reported, that oil rose to consolidate its gains in the wake of the European Union's efforts to ban Russian oil, while the spread of the new Corona in China raises fears of the economic consequences of any possible closure, and during that time, the price of East Texas reached 107 dollars a barrel.
Some EU countries have said the bloc may have to consider delaying the embargo on Russian oil if it cannot get Hungary to agree to the embargo.
Beijing authorities have denied rumors that the capital will be closed, as virus restrictions remain in Shanghai.
Oil is up more than 40% this year as economies recover from the pandemic, although the virus outbreak in China and Russia's war in Ukraine have contributed to trade volatility since late February. The global benchmark Brent crude is still in a bullish regressive structure, which indicates market tightness.
“Risks are rising that Brent crude will once again test the upside of its recent range around $116 per barrel,” said Jeffrey Halley, chief market analyst at Oanda Asia Pacific Pte. "The pressure on diesel and distillate supplies globally is another supporting factor." Ended 29/N33