# C$ holds near multi-week high as EU bans Russian oil - Markets - Business Recorder

> The Canadian dollar held near a multi-week high against the US dollar after the EU agreed a partial, phased ban on Russian oil. US crude rose 3.4% to $118.92 a barrel, while Canada's first-quarter GDP growth of 3.1% annualized missed the 5.4% analyst forecast.

- Date: 2022-05-31 · published 2022-05-31T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/41646-c-holds-near-multi-week-high-as-eu-bans-russian-oil-markets-business-recorder
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

An EU ban on Russian crude tightens global oil supply and supports energy prices, which lifts crude demand for feed-linked energy costs and freight. The mostly unchanged loonie shows limited near-term currency impact.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-02-19 | [Oil holds near one-week high on supply concerns, sanctions on Russia eyed \| Reuters](https://feedsoft.ai/events/26210-oil-holds-near-one-week-high-on-supply-concerns-sanctions-on-russia-eyed-reuters.md) | -4.2% | -6.7% |
| WTI | 2026-07-24 | [Physical oil prices jump with some nearing $110 as Iran, Ukraine wars hit supply - Markets - Business Recorder](https://feedsoft.ai/events/11578-physical-oil-prices-jump-with-some-nearing-110-as-iran-ukraine-wars-hit-supply.md) | -7.1% | -8.3% |
| WTI | 2024-10-04 | [Palm surges on Middle East conflict, records highest weekly gain in 16 months - Markets - Business Recorder](https://feedsoft.ai/events/7764-palm-surges-on-middle-east-conflict-records-highest-weekly-gain-in-16-months.md) | +2.9% | -6.3% |
| WTI | 2022-01-31 | [Supply, geopolitics put oil on track - Markets - Business Recorder](https://feedsoft.ai/events/43296-supply-geopolitics-put-oil-on-track-markets-business-recorder.md) | +5.6% | +9.8% |
| WTI | 2023-02-13 | [Oil edges higher as market weighs Russian supply cuts amid demand fears \| Reuters](https://feedsoft.ai/events/37491-oil-edges-higher-as-market-weighs-russian-supply-cuts-amid-demand-fears-reuters.md) | -4.3% | -6.3% |
| BRENT | 2025-02-19 | [Oil holds near one-week high on supply concerns, sanctions on Russia eyed \| Reuters](https://feedsoft.ai/events/26210-oil-holds-near-one-week-high-on-supply-concerns-sanctions-on-russia-eyed-reuters.md) | -4.1% | -6.4% |
| BRENT | 2026-07-24 | [Physical oil prices jump with some nearing $110 as Iran, Ukraine wars hit supply - Markets - Business Recorder](https://feedsoft.ai/events/11578-physical-oil-prices-jump-with-some-nearing-110-as-iran-ukraine-wars-hit-supply.md) | -10.4% | -9.4% |
| BRENT | 2024-10-04 | [Palm surges on Middle East conflict, records highest weekly gain in 16 months - Markets - Business Recorder](https://feedsoft.ai/events/7764-palm-surges-on-middle-east-conflict-records-highest-weekly-gain-in-16-months.md) | +2.4% | -5.7% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40176897

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.