As Europe Relaxes Other Russian Punishments Oil Expands Decline

0
2
As Europe Relaxes Other Russian Punishments Oil Expands Decline

The oil market has been gripped by a volatile period of trading since Russia’s invasion of Ukraine in late February. The EU is still debating a sixth package of sanctions on the OPEC+ producer, with diplomats trying to overcome objections from Hungary to a proposed ban on Russian crude. Some progress has been made, the Hungarian foreign minister said after recent talks.

Story Highlights

  • West Texas Intermediate futures fell below $103 a barrel in early Asian trading after sliding around 6% on Monday. The bloc will scrap a proposed ban on EU-owned vessels transporting Russian crude following objections from members including Greece. Concerns about economic growth that roiled equities also added to bearish sentiment for commodities.

  • A stubborn Covid-19 resurgence in China has further added to volatility. Virus lockdowns have strained the economy, while Chinese Premier Li Keqiang warned of a “complicated and grave” employment situation as Beijing and Shanghai tightened curbs in a bid to contain outbreaks.