Oil prices climb again as US prepares to ban Russian crude

New York: Oil prices are rising sharply again Tuesday as the US prepares to ban crude oil imports from Russia in response to that country’s unprovoked invasion of neighbouring Ukraine.

The price of US crude jumped 5 per cent to USD 125 a barrel, still not quite as high as it reached a day earlier.

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That sent energy company stocks higher on Wall Street, but most other sectors were lower as investors worry about the effects the war may have on global economies, especially on inflation.

The S&P 500 was up 0.3 per cent after bouncing between small gains and losses shortly after the opening bell.

AP