Oil rose as the U.S. and Europe prepared to impose more sanctions on Russia following alleged atrocities against Ukrainian civilians.
West Texas Intermediate climbed toward $105 a barrel after closing 4% higher on Monday, the biggest gain in two weeks. Washington will announce additional measures this week, according to National Security Advisor Jake Sullivan, who said these may contain curbs on energy. European policy makers including French President Emmanuel Macron also flagged scope for further steps.
"Given that Europe cannot disengage from Russia’s energy market at the click of a finger, I believe these fears are overdone," said Jeffrey Halley, a senior market analyst at Oanda Asia Pacific Pte. Moves in Asia may be exacerbated by reduced liquidity with Hong Kong and China out for holidays, he added.
The possibility of new curbs is offsetting the impact in the global crude market of a vast release by the U.S. from the nation’s strategic petroleum reserves in a bid to tame prices, ease the burden on consumers, and peg back inflation. Other countries have said that they’ll also make oil drawdowns.West Texas Intermediate for May delivery advanced 1.3% to $104.62 a barrel on the New York Mercantile Exchange at 11:50 a.m. in Singapore.
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