The possibility of a Russian oil embargo has raised oil prices by 5 percent

Oil prices fell nearly 1.5 percent on Friday, following the prospect of lower oil supplies to the world as a result of EU oil sanctions on Russia, which eased concerns about global economic growth. Increased and recorded an increase for the second consecutive week.

Brent North Sea crude traded up $ 1.49 at $ 112.39 a barrel, while US crude traded up $ 1.9 at $ 109.77 a barrel.

Elephant FlynnAnalyzer Price Futures group “In the medium term, the factors affecting oil prices in the market are increasing, and the only concern is about the future economic record, which will lower prices,” he said.

US crude rose about 5 percent and Brent crude about 4 percent last week after the European Union introduced a sixth package of sanctions on Russia, along with a proposal to impose sanctions on the country.

The European Commission has proposed changes to Russia’s oil embargo program to attract the attention of opposition countries, three informed sources in the European Union said.

According to the draft proposal, EU member states must stop buying oil from Russia six months after the measures are approved, and stop buying refined oil products by the end of the year.

Stefan Bernak“The EU oil embargo will lead to a sharp decline in oil supply,” said the PVM analyst. In any case, even if rising oil prices cause high inflation, OPEC plus “He is not willing to help.”

At a recent meeting, the group agreed to continue a gradual increase in production to 432,000 barrels per day in June.

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