Brent oil rose above $75 per barrel on Thursday for the first time this year as quality concerns forced the suspension of some Russian crude exports to Europe while the United States prepared to tighten sanctions on Iran.
Brent crude futures were at $74.95 by 1344 GMT, up 38 cents. They earlier hit a session high of $75.60, their loftiest since Oct. 31.
U.S. West Texas Intermediate crude was at $65.85 per barrel, down 4 cents. It hit a session high of $66.28 earlier, but rising U.S. crude inventories weighed prices down.
Poland and Germany have suspended imports of Russian crude via the Druzhba pipeline, citing poor quality. Trading sources said the Czech Republic had also halted purchases.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.