On Wednesday, Brent crude futures fell $5.57, or 5.2%, to $101.07 a barrel, while US crude fell $5.73, or 5.6%, to $96. 23 dollars a barrel before the announcement of the release of 120 million barrels of strategic reserves to try to quell the rise in prices.
Crude markets have endured weeks of volatility, with prices rising on supply concerns following Russia’s invasion of Ukraine and subsequent sanctions on Moscow by the United States and its allies.
The EU decided to impose sanctions on the government of Vladimir Putin. The European Parliament called for imposing a “total and immediate” embargo on imports of “Russian oil, coal, nuclear fuel and gas”, in a non-binding resolution adopted on Thursday, April 7. A fact that triggered the alarm signals. This was voted for by 513 deputies, with 22 voices against and 19 abstentions.
“It is a very important moment and a significant stage. Parliament’s position is clear and it sends the strongest message of support to those on the front lines”, said the president of the Parliament, Roberta Metsola, after the vote on the non-binding resolution.
Source: Ambito
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