The price of Brent overcame the level of $109 per barrel

On Wednesday, the price of Brent oil showed steady growth: the current quote of the asset is $109.45 per barrel (the daily maximum is at $109.70). The price of WTI oil fluctuates above the level of $106 per barrel.

The price was influenced by the EU's proposal of another package of sanctions against Russia. The new sanctions will include an oil embargo, as well as increased isolation of the Russian banking sector – in particular, the disconnection from SWIFT of several major banks in the country, including Sberbank.

European Commission President Ursula von der Leyen said today that the European Union needs to stop buying oil in Russia. Leyen also admitted that such a complete rejection of Russian imports would be extremely difficult to accomplish, since many EU countries are very dependent on Russian hydrocarbons. 

Investors are also waiting for the evening data on crude oil reserves in the United States from the Ministry of Energy of the country. Analysts predict a reduction in oil reserves last week by 829 thousand barrels, gasoline – by 589 thousand barrels, distillates – by 1.34 million barrels. If the forecast is confirmed, Brent quotes will continue their growth.