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Oil prices hit multi-year highs

Benchmark Brent crude oil prices climbed close to $120 a barrel on Thursday, with Russian oil exports disrupted as traders try to avoid becoming entangled in sanctions.Support also came from U.S. crude stockpiles at multi-year lows, helping to lift Brent crude futures as high as $119.84 a barrel for the highest level since 2012.

By 1024 GMT the contract was up $2.18, or 1.9%, at $115.11 a barrel.

PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s shares are listed on the London AIM and Dublin ESM Markets.

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