Sector movers: Oil and Gas shares pace gains

(Sharecast News) - Oil and Gas shares paced gains in the stock market at the start of the week amid reports that the US might be nearer to imposing a ban on Russian oil exports. At the weekend, US Secretary of State, Antony Blinken, told broadcaster NBC that the US administration was in "very active discussions" to undertake such a move and that talks were also ongoing with European allies in that regard.

Up and until now, the White House had pushed back against calls for such a ban, but it had since reportedly come under increasing pressure from both parties in the US Congress.

Those headlines pushed front-dated Brent crude oil futures as high as $139.13 per barrel on the ICE, although by the end of European trading they were back down to $124.51 and up by 5.42% for the day.

Curbing oil price gains, early on Monday afternoon, citing European energy security, German Chancellor, Olaf Scholz, poured cold water on the possibility of such a ban by the European Union in the near-term.

His finance minister, Christian Lindner, said that option was on the table, but added that "at this point in time, however, it seems advisable for the sustainability of the sanctions against Vladimir Putin not to take this step ourselves."

Some analysts believed that a ban on Russian oil and gas exports could cut Moscow's tax take by a third.

For their part, analysts at JP Morgan said that Brent could end the year at $185 a barrel if Russian shipments continued to be disrupted.

Top performing sectors so far today

Oil, Gas and Coal 6,733.60 +6.60%

Industrial Engineering 14,075.05 +3.43%

Aerospace and Defence 4,553.02 +3.34%

Precious Metals and Mining 12,804.70 +2.12%

Investment Banking and Brokerage Services 11,755.19 +1.16%

Bottom performing sectors so far today

Beverages 25,388.50 -4.56%

Life Insurance 6,360.62 -4.13%

Personal Goods 27,391.89 -3.81%

Tobacco 30,939.82 -3.13%

Travel & Leisure 5,994.41 -2.64%