Oil rises in price amid risks of embargo on raw materials from Russia

Global oil prices rose on April 29 morning amid fears about a possible embargo on oil from Russia, Report informs referring to the auction data.

The price of July futures for Brent crude rose by 0.9% to $108.22 per barrel, June futures for WTI - by 0.54% to $105.92.

On April 29 morning, traders are assessing the prospects for a possible embargo on Russian raw materials in light of the Wall Street Journal report that Germany is ready to stop buying oil from Russia.

The EU is actively considering imposing an embargo on Russian oil imports in one form or another, with even Germany ready to support it.

Traders on April 29 also expect weekly statistics on active oil rigs in the US from US oil and gas service company Baker Hughes. Over the past week, their number has increased by 1, to 549 units.