Crude oil futures ended sharply higher on Monday on concerns over the ongoing war in Ukraine and on expectations the EU might impose a ban on Russian oil. European Union governments will consider joining the United States in a Russian oil embargo as they gather this week with US President Biden for a series of summits. The US and the UK have already announced plans to ban Russian oil. Meanwhile, an attack on Saudi oil facilities over the weekend raised concerns about crude supplies and contributed to the surge in prices. Saudi Arabia announced a temporary reduction in oil output at a facility run by energy giant Aramco on Sunday, after Yemen’s Houthi rebels launched multiple cross-border attacks.
Benchmark crude oil futures for April delivery rose $7.42 or 7.1 percent to settle at $112.12 a barrel on the New York Mercantile Exchange. Brent crude for May delivery added $8.29 or 7.7 percent to settle at $116.22 a barrel on London's Intercontinental Exchange.
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