Oil prices are falling following the settlement following the withdrawal of huge amounts of emergency reserves, and the European Union foreign policy official, Josep Borrell, says that the union will approve the “Russian coal ban.”
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Oil prices are falling. The European Union is regarding to ban Russian coal
Oil prices settled lower on Thursday, adding to weekly losses due to uncertainty over the euro zone’s ability to impose effective sanctions on Russian energy exports.
This comes following consuming countries announced the withdrawal of huge quantities of oil from emergency reserves, as the International Energy Agency approved New release of oil from emergency reserves By regarding 120 million barrels, the largest in its history, in an attempt to boost supplies.
Prices were also exposed to concerns that the shutdown in China due to a new wave of Covid-19 would slow the recovery of oil demand.
Brent crude futures fell 49 cents, or 0.5%, to settle at $100.58 a barrel, while US West Texas Intermediate crude fell 20 cents, or 0.6%, to settle at $96.03 a barrel.
In the previous session, both benchmarks fell more than 5% to their lowest closing levels since March 16.
In this context, European Union foreign policy chief Josep Borrell said at a NATO meeting that “the new measures taken by the Union, including the ban on Russian coal, may be approved today, Thursday or tomorrow, Friday,” and that “the bloc will discuss imposing an oil embargo.” next time.”
