Brent crude futures fell 49 cents, or 0.5%, to $100.58 a barrel. while US West Texas Intermediate (WTI) crude fell 20 cents, or 0.21%, to settle at $96.03 a barrel.
Both referents had collapsed more than 5% in the previous session and reached their lowest closing levels since March 16.
European Union chief diplomat Josep Borrell told a NATO meeting on Thursday that new EU measures, including a ban on Russian coal, could be approved on Thursday or Friday and that the bloc would discuss followed by an oil embargo.
However, the coal ban would come into effect from mid-August, a month later than initially planned.
“No one wants to fire the bullet and sanction Russian energy, which is propping up the market,” said Bob Yawger, director of energy futures at Mizuho.
Prices were also pressured by fears that lockdowns in China due to a new wave of COVID-19 could impede a recovery in oil demand.
Multiple outbreaks of the virus have led to widespread lockdowns in Shanghai, China’s most populous city.
“The demand situation in China is not looking good, especially when we have so much new supply on the market,” said John Kilduff, a partner at Again Capital LLC in New York.
The member countries of the International Energy Agency (IEA) agreed on Wednesday to release 60 million barrels, in addition to the 180 million announced by the United States last week.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
