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Oil prices rally on report that Germany drops opposition to Russian oil embargo

Before the war in Ukraine, Russian oil accounted for about a third of Germany's supply. A month ago, Germany's economic minister said that Germany had reduced its dependence on Russian oil to 25% of its imports.

April 28, 2022 / 09:54 PM IST
Representative image

Representative image

Oil prices rallied on Thursday after reports that Germany is no longer opposed to an embargo on Russian oil, which could further tighten supplies in the already stressed global crude market.

German representatives to the European Union are no longer objecting a full Russian oil embargo as long as Berlin is given time to secure alternative supplies, the Wall Street Journal reported on Thursday.

The article echoes comments from Germany's Economy Minister Robert Habeck on Tuesday, when he said the EU's largest economy, could cope with an EU embargo on Russian oil imports and it was hoping to find ways to replace Russian oil with other supply.

Brent crude futures rose $1.41 to $106.73 a barrel by 11:35 a.m. EDT (1535 GMT.) U.S. West Texas Intermediate crude rose $1.95, or 1.9% to $104.05.