Oil pushed higher ahead of high-level meetings that may result in fresh sanctions on Russia, and as storm damage to a vital Black Sea export terminal compounded supply risks.West Texas Intermediate futures topped $113 a barrel. European Union and NATO leaders are set to gather in Brussels on Thursday to beef up their response to Russia’s invasion of Ukraine. Ahead of the meetings, White House National Security Adviser Jake Sullivan said that the U.S. and its allies will impose further sanctions on Moscow.With the conflict dragging on, the EU is weighing a possible ban on Russian crude imports, though some member states including Germany have opposed such a move. Many buyers however are already shunning the nation’s oil, with TotalEnergies SE saying it will stop purchases by the end of the year, while Japanese refiner Eneos Holdings Inc. will halt new shipments.
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