Oil jumps as EU weighs Russian ban, #Saudi refinery output hit | Reuters

Oil jumps as EU weighs Russian ban, Saudi refinery output hit | Reuters

Oil prices jumped more than $3 on Monday, with Brent above $111 a barrel, as European Union nations consider joining the United States in a Russian oil embargo, while a weekend attack on Saudi oil facilities caused jitters.

Brent crude futures climbed $3.74, or 3.5%, to $111.67 a barrel by 0739 GMT, adding to a 1.2% rise last Friday.

U.S. West Texas Intermediate (WTI) crude futures rose $3.98, or 3.8%, to $108.68, extending a 1.7% jump last Friday.

Prices moved higher ahead of talks this week between European Union governments and U.S. President Joe Biden for a series of summits that aim to harden the West's response to Moscow over its invasion of Ukraine.

EU governments will consider whether to impose an oil embargo on Russia.