The European Union is still considering banning Russian oil imports, and Brent crude oil rose as much as 3% to approach the 110 mark

On April 21, crude oil futures rose $1.
53 to settle at $108.
33 per barrel; It hit an intraday
high of $109.
80.
The EU is still considering a possible ban on oil imports from Russia, which would further restrict global oil trade
.
Oil prices closed higher
due to fears of tighter supply.

On Thursday (April 21), U.
S.
oil futures rose 1.
6%, settling at $103.
79 / barrel; At one point, it rose more than 2% to $
105.
42.
The EU is still considering an oil ban
in response to Russia's invasion of Ukraine.
Meanwhile, Libya's oil production has fallen by more than 550,000 b/d due to blockades of Libya's main oil fields and export terminals, and buyers have reacted
to ongoing disruptions in Libyan oil supplies.

(Hourly chart of oil distribution)

U.
S.
Treasury Secretary Janet Yellen said at a joint meeting of the International Monetary Fund and the World Bank that a European energy ban on Russia could do more harm than good
.
Yellen pointed out that the EU must end its dependence on Russian oil, gas and coal imports, but the current comprehensive ban may not cause damage to the Russian economy, but also increase European energy prices, raise global oil prices, and have a devastating impact
on Europe and the rest of the world.

Phil Flynn, senior analyst at Price Futures Group, said trading is not as easy now as it was a few weeks ago and you have to take on more risk, which may be by design, and these hedge funds and algorithmic funds are trading more
.

The Organization of the Petroleum Exporting Countries (OPEC) told the International Monetary Fund's steering committee that oil prices have been rising, especially since March.
.
.
Largely because of escalating geopolitical tensions in Eastern Europe, and concerns that this could lead to massive oil supply shortages, combined with trade chaos, this is the latest signal
that the group will not take further action to increase supply.

OPEC said the OPEC+ alliance of the group and its allies has shown that it is committed to ensuring that oil supply and demand fundamentals remain balanced during the Ukraine crisis to support the global economy
.
Strong commodity price increases, combined with ongoing supply chain bottlenecks and pandemic-related logistics restrictions, are exacerbating already high global inflation
.
OPEC+ has demonstrated its commitment
to stabilizing the oil market and restoring healthy oil market fundamentals.

In a statement to the International Monetary and Financial Committee (IMFC), OPEC said the average price of Brent crude futures, a global benchmark in the first quarter, was close to $98 per barrel, up about $18 from the last three months of 2021
.

Earlier, the U.
S.
Department of Energy said that a contract had been signed to sell 30 million barrels of Strategic Petroleum Reserve (SPR), and it was planned to deliver 50 million barrels of crude oil
in May and June.
It is reported that Valero Energy (Valero) of the United States and Motiva, the largest refiner in North America, purchased crude oil reserves
released by the Biden administration.