Oil closed with small losses on Tuesday after yesterday’s jump of more than 7%, with investors waiting for new indications for the next moves of the EU. in its independence from Russian energy products.
EU leaders are expected to commit at this week’s Summit to gradually phase out Europe’s dependence on Russian fossil fuels and start replenishing depleted gas reserves as soon as possible, supporting the Commission’s plan to reduce imports from Moscow of the year, according to a Bloomberg article.
Prices climbed more than 7% yesterday amid speculation that Europe would follow the US and the UK and ban Russian oil imports. The discussions of the EU Foreign Ministers ended in Brussels on Monday without any agreement, with Germany warning of serious disruptions due to Europe’s heavy dependence on energy imports from Russia.
April futures lost 36 cents, or 0.3%, to close at $ 111.76 a barrel on the New York Mercantile Exchange. The contract expired with the completion of the transactions.
The May contract, the closest contract now, fell 70 cents or 0.6% to $ 109.27 a barrel.
Brent May, meanwhile, lost 0.1% to $ 115.48 a barrel on ICE Futures.
Source: Capital
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