Oil Jumps Over 3% As Deaths Near Kyiv Prompt Talk of New Sanctions

• Oil prices jumped over 3% on Monday, with investors worried about tighter supply as mounting civilian deaths in Ukraine increased pressure on European countries to impose sanctions on Russia's energy sector. 
• Global benchmark Brent crude jumped $3.14, or 3%, to settle at $107.53 a barrel. U.S. West Texas Intermediate crude rose $4.01, or 4%, to settle at $103.28 a barrel. Trading was volatile with both contracts rising after being down more than $1. 
• 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. 
• He noted that Western allies would agree on further sanctions against Moscow in coming days, though the timing and reach of the new package was not clear. 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 U.S. 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.

(Source: Reuters)