Oil prices rise amid new sanctions against Russia

Oil prices continued to rise on April 5 on expectations of new sanctions against Russia in connection with the events in Ukraine, Report informs.

June Brent futures rose by $1.22 (1.13%) to $108.75 per barrel on the London ICE Futures Exchange.

May futures for WTI rose in online trading on the New York Mercantile Exchange (NYMEX) by $1.23 (1.19%), to $104.51 per barrel.

Earlier, US national security adviser Jake Sullivan said that this week the United States would announce new anti-Russian measures that could affect the energy sector. French President Emmanuel Macron and German Chancellor Olaf Scholz also called for new sanctions against Russia.

Concerns about new restrictions on the Russian Federation offset the impact of the decision of the US and other countries of the International Energy Agency (IEA) to release oil from strategic reserves, which contributed to lower oil prices last week.

A record increase in prices by the Saudi state company Saudi Aramco was an indicator of the growing demand for fuel in the world in the face of the refusal of many companies from Russian supplies. The day before, the company announced that it would raise prices for all grades of exported oil for buyers from all regions in May.

The cost of the main Arab Light variety supplied to Asia will rise by $4.4 per barrel. This is $9.35 more than the Oman-Dubai oil basket, which is a record. Also, the premium for American buyers of Arab Light will rise to a historical high - to $5.65 per barrel to the value of the Argus Sour Crude (ASCI) index. The cost of all grades supplied to the US will increase by $2.2 per barrel next month.