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Oil Edges Up With Focus on Russian Crude Flows, Refinery Strikes

Bloomberg.com · last updated

Oil edged higher, clawing back last week’s loss as traders gauge the impact of European Union moves on Russian supply and strikes by Ukraine on the OPEC+ member’s energy infrastructure.

Brent traded above $67 a barrel after slipping 0.5% last week, while West Texas Intermediate was near $63. The EU’s next round of sanctions against Russia will focus on oil industry entities in so-called third countries, affecting about a dozen Chinese and several Indian bodies as the bloc looks to intensify pressure on the Kremlin’s access to petrodollars.

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