Oil extends rally on Russia embargo talk, stocks rise

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Oil prices extended their rally Tuesday on supply worries as European leaders debated banning imports from Russia, though equities stood their ground despite a tepid Wall Street lead and the prospect of a sharper hike in US interest rates.

Both main crude contracts started the week by soaring more than seven percent Monday as EU nations discussed following Washington and putting an embargo on Russian energy imports for its war in Ukraine. Some members are pushing to ramp up pressure on Vladimir Putin with more sanctions over his invasion, though others including Germany — which still relies on Moscow’s fuel — have been reluctant to target the key sectors. —APP

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