The oil market continues to grow on the sanctions news

Oil quotes continue to follow the upward trend that began last week. Then Brent was trading below the level of $110, while today the current quotation of the commodity asset reached $123.32 per barrel. 

North American WTI crude is trading at $119 per barrel, up from $105 last week. 

The driver for growth today was the news that the leaders of the EU countries finally agreed on a partial ban on the import of Russian oil. In particular, the participants of the debate agreed to impose an embargo on two-thirds of oil supplied from Russia. At the same time, by the end of the year, the EU hopes to get rid of 90% of Russian raw materials. 

The decision to impose not a full, but a partial embargo was a compromise, since not all countries supported the introduction of an import ban. Hungary, which is heavily dependent on energy resources from the Russian Federation, opposed it. 

Analysts note that a complete rejection of Russian oil may lead to its rise in price to $ 185 per barrel.