WTI oil prices fell following reports that the European Union (EU) member states cracked over Russian oil sanctions. Especially Germany, which is heavily dependent on Russian energy.
As of 6:16 p.m. Thai time, the West Texas Intermediate (WTI) crude oil contract was delivered in April. It was down 10 cents, or 0.09%, at $112.02 a barrel.
The governments of EU member states are considering whether to impose sanctions on Russian oil imports. EU leaders this week will meet with US President Joe Biden on a policy to counter Russia’s military invasion of Ukraine last month.
A senior EU diplomat said the EU was in the process of imposing a fifth round of sanctions once morest Russia, with EU foreign ministers meeting on Wednesday. Before the start of a meeting with President Biden on Thursday, March 24, including 30 members of the North Atlantic Treaty Organization (NATO), the EU member states. and the G7 countries, including Japan.
Despite four rounds of sanctions imposed by Russia, it shows no signs of withdrawing from Ukraine. The situation prompted the EU to begin to consider a more serious alternative. such as the Russian oil sanctions which the United States and Britain have already piloted.
Investors keep an eye on the weekly US crude inventories report. The US Energy Information Administration (EIA) will release the information tomorrow at 9:30 p.m.
