The prices of futures contracts for crude oil on both sides of the Atlantic on Thursday, with the rise of U.S. crude more than $ touching its highest level in three weeks in light of strong U.S. economic data and the end of the refinery maintenance season, which indicates the strength of demand for crude.<\/p>\n
Data showed that the U.S. economy grew at a faster pace than previously expected in the last quarter of the year and that the number of Americans filing first-time applications for unemployment benefits unexpectedly dropped last week to its lowest level in nearly four months.<\/p>\n
The price of Brent crude heading towards $ 108 a barrel, supported by fears of supply disruptions due to the possibility of the imposition of Western sanctions on the Russian energy sector.<\/p>\n
The United States and the European Union agreed on Wednesday to work together for the possibility of imposing new economic sanctions in response to Russia’s intervention in Ukraine while reducing Europe’s dependence on Russian gas.<\/p>\n
He warned U.S. President Barack Obama during a press conference that the “isolation and sanctions will deepen” on Russia’s largest oil producer in the world if it continues its current course in Moscow.<\/p>\n
At 1533 GMT, the price of Brent for May delivery 66 cents to 107.69 dollars per barrel.<\/p>\n
The price of U.S. crude for May delivery $ 1.38 to U.S. $ 101.64 a barrel after it rose $ 1.07 in the previous session<\/p>\n","protected":false},"excerpt":{"rendered":"
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