Energy news

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Oil surges, gold stronger

Oil Crude prices initially surged as China’s fight against COVID appears to be headed in the right direction, but gave up a good amount of gains after US officials signaled that the strategy on Russian crude could switch from embargo to tariffs. If the West decides to slap tariffs on Russian crude instead of an embargo, that would keep supplies on the market, which should put a cap on the recent crude rally. The oil market remains tight but if the EU embraces the strategy of putting tarif

17-05-2022 10:45 GMT by Edward Moya

Oil moving higher, gold stable

Oil could go much higher Oil prices have hit their highest levels since early March as Europe continues to work towards a Russian embargo and China looks to ease Covid restrictions. The lockdowns have offset some of the concerns over supply disruptions amid Russian sanctions following the invasion of Ukraine.

17-05-2022 10:22 GMT by Craig Erlam