ILUSTRASI. A gas pump is inserted inside an Audi vehicle at a Mobil gas station in Beverly Boulevard in West Hollywood, California, U.S., March 10, 2022. Picture taken March 10, 2022. REUTERS/Bing Guan
Sumber: Reuters | Editor: Thomas Hadiwinata
"An EU embargo, if fully enacted, could take about 3 million bpd (barrels per day) of Russian oil offline, which will completely disrupt, and ultimately shift global trade flows, triggering market panic and extreme price volatility," said Rystad Energy analyst Louise Dickson.
This week, Moscow slapped sanctions on several European energy companies, causing worries about supplies.
In China, authorities pledged to support the economy and city officials said Shanghai would start to ease coronavirus traffic restrictions and open shops this month. "Crude prices rallied on optimism that China’s COVID situation was not worsening and as risky assets rebounded," said Edward Moya, senior market analyst at data and analytics firm OANDA.
Global shares rose after a volatile week of trading, pushing up stock indexes in the United States and Europe.
Pressuring oil prices during the week, inflation and rate rises drove the U.S. dollar .DXY to a near 20-year high against a basket of currencies, making oil more expensive when purchased in other currencies.
The EU said there was enough progress to relaunch nuclear negotiations with Iran. The U.S. said it appreciated the EU's efforts but said there was no agreement yet and no certainty that one might be reached.