U.S. oil futures up more than 3% on talk of ban on Russian oil

Oil futures rallied on Monday, with U.S. prices scoring a gain of more than 3% as the U.S. and Britain considered a ban on Russia oil. It’s possible that Russia energy supplies to Europe could be cut by either side, said Jon Maier, chief investment officer at Global X. “The short-term impact would be painful for Europe owing to the lack of availability of fuel as well as increased pricing,” he said in emailed commentary. West Texas Intermediate crude for April delivery rose $3.72, or 3.2%, to settle at $119.40 a barrel on the New York Mercantile Exchange. That was the highest front-month finish since September 2008, FactSet data show.

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