The price of a barrel of Brent, a benchmark in Europe, for delivery in May was trading at $124.93 around 09:00 GMT on the London futures market, 1.4% higher than the previous close.
The oil Brent maintained its upward trend on Tuesday and hovered around $125 in the face of fears for supply, when the European Union (EU) debates reducing its dependence on Russian crude due to the war in Ukraine.
The European benchmark Brent price for May delivery was trading at $124.93 at around 09:00 GMT on the London futures market, 1.4% more than the previous close but far from the peak of almost 140 dollars reached on Monday.
Despite the fact that the EU has not committed to vetoing Russian oil, which accounts for 27% of European consumption according to Eurostat data from 2019, it has announced that today it will present a package to reduce its dependence on gas and oil from that country.
Various European governments, including Germany, the Netherlands and the United Kingdom, have called for caution and advocate a gradual reduction dependence on Russia for energy, otherwise serious supply problems and price hikes could be created.
Source: Eitb
Ricardo is a renowned author and journalist, known for his exceptional writing on top-news stories. He currently works as a writer at the 247 News Agency, where he is known for his ability to deliver breaking news and insightful analysis on the most pressing issues of the day.
