US crude oil spikes to $112 a barrel

Published March 22, 2022 5:29 PM

(KYMA, KECY/CNN) - Crude oil in the United States has spiked by 7% to now at $112.12 a barrel.

Europe is considering a ban on Russia's oil, similar to the same ban the United States has.

A meeting with European leaders had them discussing joining the embargo on Russian oil but replacing those barrels won't be easy.

US oil reached $130.50 in early March and began to drop to $93.53 on March 15.

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