Germany Drops Opposition To Russian Oil Embargo

Oil prices have risen for a fourth consecutive day with concerns over Russian supply disruptions trumping reduced demand expectations in China. Brent Crude climbed 1.7 percent to $109.40 per barrel, while WTI Crude moved up 1.03 percent to $106.50 per barrel. Both contracts are set to finish up on the week, and post their fifth straight monthly gains, buoyed by reports the European Union (EU) will phase out Russian oil imports by the end of the year. Germany – the bloc’s largest economy – has dropped its opposition to the measure,…