Oil prices high due to new European Union sanctions against Russia

Oil prices edged higher today as investors weighed new European Union sanctions against Russia. Agencies reports that its latest sanctions package will lower the G7’s price cap for buying Russian crude oil to 47.6 dollar per



barrel.

Brent Crude was trading over 0.7 percent up at 70 dollars and four cents per barrel, and WTI Crude was trading almost one per cent at 68 dollars and 19 cents per barrel, when reports last came in.