Oil Rises As U.S. Sanctions Russian Giants

Benzinga

Oil jumped 5% after U.S. sanctions on Rosneft and Lukoil over the Ukraine war. Brent hit $65.98 and WTI $61.81 as markets weighed India’s response and shifting global supply amid expanding EU restrictions.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Oil prices surged 5% Thursday after the U.S. has posed sanctions on Russian oil majors

00:07Rosedauk and Lukoil over the Ukraine war, exceding gains from the prior session.

00:11Brett Cruz rose to $65.98 a barrel, while WTI increased to $61.81, according to Reuters.

00:19Sanctions may force Chinese and Indian refiners, major Russian oil buyers,

00:22to seek alternative supplies to avoid Western banking restrictions.

00:26Analysts said the impact will hinge on India's response and Russia's ability

00:29to find new markets.

00:31Britain and the EU have also expanded sanctions,

00:33including an EU ban on Russian LNG imports.

00:36UBS expects Brent to trade between $60 and $70.

00:39For all things money, visit Benzinga.com.

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