Oil futures rose Tuesday, building on the highest finish for the U.S. benchmark since 2008, as Washington and its allies weigh a ban on purchases of Russian crude.
Price action
-
West Texas Intermediate crude for April delivery
CL00,
+3.62% CLJ22,
+3.62%
roe $3.10, or 2.6%, to $122.50 a barrel on the New York Mercantile Exchange after ending Monday at its highest since Sept. 22, 2008. -
May Brent crude
BRN00,
+4.04% BRNK22,
+4.04% ,
the global benchmark, was up $3.36, or 2.7%, at $126.57 a barrel on ICE Futures Europe after finishing Monday at its highest since April 5, 2012. -
April gasoline
RB00,
+3.82% RBJ22,
+3.82%
rose 2.5% to $3.6621 a gallon, after finishing Monday at a record. April heating oil
HOJ22,
+9.58%
jumped 7.1% to $4.1997 a gallon. -
April natural gas
NGJ22,
-5.57%
was down 4.9% at $4.594 per million British thermal units.
Market drivers
Oil futures continue to march higher in the wake of Russia’s Feb.24 invasion of Ukraine. The U.S. and its allies continue to weigh the possibility of banning purchases of crude from Russia, which exports around 5 million barrels a day.
