Oil Prices Spike, as U.S. Seeks, Massive Crude Purchases.
Al Jazeera reports that the price of oil has jumped to the highest it's been since late March.
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Prices were reportedly supported by OPEC approving a limited production increase in response to the European Union's proposed ban on imports from Russia.
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This week, the EU announced a plan to ban Russian crude and refined fuels over the next year to increase pressure on Russia to end its war with Ukraine.
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This week, the EU announced a plan to ban Russian crude and refined fuels over the next year to increase pressure on Russia to end its war with Ukraine.
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Al Jazeera reports that the EU has also targeted insurers with the goal of impairing Russia's ability to transport oil around the world.
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Al Jazeera reports that the EU has also targeted insurers with the goal of impairing Russia's ability to transport oil around the world.
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A United States Energy Department official told CNN that the Biden administration plans to seek bids for 60 million barrels of crude.
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A United States Energy Department official told CNN that the Biden administration plans to seek bids for 60 million barrels of crude.
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The massive purchase comes as an attempt to replenish the nation's shrinking emergency oil reserve.
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Al Jazeera reports that oil has skyrocketed over 40% this year.
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Al Jazeera reports that oil has skyrocketed over 40% this year.
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The surging price has been driven by Russia's war disrupting flows, rapidly rising inflation and major central banks tightening policies.
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The surging price has been driven by Russia's war disrupting flows, rapidly rising inflation and major central banks tightening policies.
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While OPEC has agreed to increase production by 432,000 barrels a day, the group only managed an increase of 10,000 barrels a day in April.
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According to Al Jazeera, the nominal increase in April indicates the difficulty the group is having with increasing output.
