Oil prices world crude closed lower at the end of trading Thursday (7/4) US time. Price drop oil happened in the midst of the plan of the Western bloc which will impose sanctions on imports energy Russia.
In addition, several consumer countries have also announced large releases of oil from emergency reserves. Oil prices were also pressured by fears of a lockdown in China due to the new wave of COVID-19 which could slow the economic recovery and demand for oil.
Launch BetweenFriday (8/4), Brent crude futures for June delivery fell 49 cents, or 0.5 percent, to US $ 100.58 per barrel.
Meanwhile, US West Texas Intermediate (WTI) crude for May delivery was minus 20 cents, or 0.6 percent, to US$96.03 per barrel.
The EU’s top diplomat Josep Borrell told a NATO meeting that new measures, including a ban on Russian coal imports, could be passed this Thursday or Friday and the bloc would discuss the next oil embargo.
However, the new coal ban will take full effect from mid-August, a month later than originally planned.
Meanwhile, India continued to buy discounted Russian crude imports, pushing what analysts expect to lose 2 million-3 million barrels per day of Russian oil from global markets.
“While such losses are still possible once the contract rolls over and India’s required refining or storage needs are met, such developments could still be weeks if not months away,” said Jim Ritterbusch, President of Ritterbusch and Associates LLC.
Previously, member countries of the International Energy Agency (IEA) agreed to release 60 million barrels on top of the 180 million barrel release announced by the United States last week. The goal, to help lower fuel prices.
(wel/one)
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