Oil prices continue to soar as the EU’s move towards a complete Russian oil embargo doesn’t waver. The European Commission addressed that some of its members are highly dependent on Russian oil, but remained unabated on their proposal.
The 27-member block must unanimously agree for the sanction to push through, and the majority seems to support it.
All imports including refined products, both from seaborne and pipeline routes would be banned under the proposal.
Another shocker in the market this month is the drawdown of crude oil reserves in the United States, pushing oil prices through the roof. Worse is that this is anticipated to continue through October.
Oil prices appear to be on track to advance higher in the foreseeable future, as the daily charts show a sustained ascending trendline.
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