Oil Rallies As White House Considers Ban On Russian Oil Imports

Posted by Julianne Geiger, oilprice.com

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  • WTI crude rose 7% following the news that the White House is considering a ban on the import of Russian crude oil.
  • On Thursday, the White House had tersely dismissed the idea of banning Russian crude oil imports.
  • On Friday afternoon, the White House’s take on banning Russian crude oil softened. Oil prices continue to inch higher, with new reports that the White House is considering a ban on Russian crude oil.

At 3:01 pm ET, WTI crude had risen to $115.20 per barrel, up nearly 7% on the day and up more than $20 on the week. Brent crude was trading at $117.70, up 6.58% on the day and up more than $19 on the week.

On Thursday, the White House had tersely dismissed the idea of banning Russian crude oil imports, pointing out that doing so could cause oil and gasoline prices to rise even more than they already had.

But other U.S. lawmakers have pushed for a full ban, including Speaker Nancy Pelosi (D-Calif.).

On the other hand, White House Press Secretary Jen Psaki downplayed the role Russian crude oil plays in the United States, adding that it only makes up 10% of the total crude oil that the United States imports…read more.