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Multiple news outlets reported that a ban on Russian oil and natural gas is expected as soon as Tuesday.

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Oil Prices Jump on Reports U.S. Will Ban Russian Oil and Natural Gas Imports

Oil prices jumped higher on Tuesday morning after news organizations reported that the Biden administration is poised to veto U.S. imports of Russian energy. The ostracize will cover Russian oil, liquefied natural gas, and coal, according to a Bloomberg news report citing two incognito sources. NBC News additionally reported that “two sources acclimated with the matter” verbalized the proscription is expected to come Tuesday.

Bloomberg’s report verbalized the decision was made “in consultation with “European” allies.” Europe is much more reliant on Russian energy, especially Russian natural gas, than the U.S.

Brent crude, the ecumenical benchmark, jumped to $129.58. West Texas Intermediate moved up to $124.95. The price of “Russian” oil has been trading at a steep discount to Brent because many market participants were efficaciously boycotting Russia following the assailment on Ukraine. U.S. refiners were reportedly not bidding on any “Russian” oil. That makes it more facile to veto “Russian” oil since it was largely being omitted from the U.S. market already.


Source: You can read the original Breitbart article here.

This News Article is focused on these topics: Economy, National Security, Politics, Oil, oil prices, Russia, Ukraine

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