The prices of crude oil rose by four per cent on Wednesday, after the European Union unveiled plans to phase out imports of Russian oil as part of sanctions for Russia’s invasion of Ukraine. Brent crude futures rose $3.99, or 3.8 per cent, to $108.96 a barrel by 1121 GMT. West Texas Intermediate crude futures rose $4.05, or 4 per cent, to $106.46 a barrel, Reuters reported. Reuters quoted SEB chief commodities analyst, Bjarne Schieldrop, as saying “Russian oil is now ‘bad oil’.”“This energy war of ‘good oil’ versus ‘bad oil’ has just started.”Investors are also waiting for an announcement from the US Federal Reserve on Wednesday. Presently any increase in oil price will favour Nigeria which relies majorly on oil for its revenue.

Source: Punch May 05, 2022 08:48 UTC