US West Texas Intermediate crude rose $4.11, or 4.1%, to $103.38 a barrel.German Chancellor Olaf Scholz said Russian President Vladimir Putin and his supporters would"feel the consequences" of events in Bucha, outside the capital Kyiv, where a mass grave and tied bodies shot at close range were found.
France's President Emmanuel Macron suggested sanctions on oil and coal, adding there were very"clear clues pointing to war crimes" by Russian forces. "As the US and EU reduce purchases of Russian oil, it leaves China and India as the main customers that remain and many of the refineries in those countries might be reluctant to purchase Russian oil with the negative public relations associated," said Andrew Lipow, president of Lipow Oil Associates in Houston.