Oil extends rally on Russia embargo talk

By Agence France-Presse

Mar 23, 2022 12:18 am

HONG KONG: Oil prices extended their rally on Tuesday on supply worries as European leaders debated banning imports from Russia, while equities advanced despite a tepid Wall Street lead and the prospect of a sharper hike in United States interest rates.

Both main crude contracts started the week by soaring by more than 7 percent on Monday as European Union member nations discussed following Washington and putting an embargo on Russian energy imports over its war in Ukraine.

RISING PRICES This March 20, 2022 photo shows fuel prices on display at a gas station in Panama City. AFP PHOTO

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