House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Chuck Schumer, DN.Y., said they want legislation against price gouging and market manipulation. Fox News’ Chad Pergram with more.
Oil prices were jittery on Thursday morning after a European Union proposal for new sanctions on Russia included an embargo on crude oil six months from now.
US West Texas Intermediate crude oil futures traded around $107 a barrel.
Brent futures traded around $110 a barrel.
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Both benchmarks gained more than $5 a barrel on Wednesday.
Oil wells at sunrise (Istock)
The sanctions proposal announced by European Commission President Ursula von der Leyen on Wednesday envisages stopping deliveries of Russian crude oil in six months and refined products by the end of 2022.
The proposal needs unanimous support from the 27 EU countries to take effect.
On Thursday, OPEC+ is expected to agree to raise production targets by 432,000 barrels per day in June, four OPEC+ delegates told Reuters.
OPEC+ would then stick to plans for a gradual ramp-up of monthly production.
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According to the Energy Information Administration, US crude inventories rose 1.3 million barrels last week after more oil was released from strategic reserves.
OPEC President UAE Energy Minister Suhail al-Mazrouei (C) speaks while sitting with Russian Energy Minister Alexander Novak (left) and OPEC Secretary General Mohammed Sanusi Barkindo (r) of Nigeria during a meeting at the organi’s headquarters (photo by JOE KLAMAR/AFP/Getty Images)
Reuters contributed to this report.