Crude oil futures continue on an uptrend in mid-morning Asian trade March 3 as the market shunned Russia’s Urals crude amid expectations of international sanctions on the country’s energy market.
At 10:58 am Singapore time (0203 GMT), the May ICE Brent futures contract was up $3.51/b (3.17%) from the previous close at $1161.44/b, while the April NYMEX light sweet crude contract was $2.80/b (2.47%) higher at $113.40/b. International sanctions, which have largely focused on Russia’s financial sector have been expanded to include its energy sector. On March 2, the UK banned all Russian-owned oil tankers from docking in British ports and earlier Canada blocked oil imports of Russian oil. There is growing expectations that the US and its allies would continue to apply pressure on Russia’s energy market via a widening array of sanctions. “The […]