Oil rises towards US$116 on Tuesday (March 21) as EU weighs Russian ban

SINGAPORE, March 22 (Reuters): Oil rose towards US$116 a barrel on Tuesday, adding to a 7% surge the previous day, supported by supply risks from a potential European Union oil embargo on Russia and concern about attacks on Saudi oil facilities.

European Union foreign ministers are split on whether to join the United States in banning Russian oil. Some countries, including Germany, say the bloc is too dependent on Russia's fossil fuels to withstand such a step.