WTI crude oil futures fell today. while investors sell profits After the previous price rebound
At 12:09 a.m. Thai time, the West Texas Intermediate (WTI) crude oil contract was delivered in July. It traded on the NYMEX minus 46 cents, or 0.41%, at $109.83 a barrel.
Oil prices rose earlier. Amid concerns regarding oil tightness As the United States approaches summer which will have a trip resulting in increased use of oil
Investors will keep an eye on the European Union (EU) summit on May 30-31 to consider sanctions on Russian oil.
European Commission President Ursula von der Leyen, however, admitted that EU members might not reach an agreement on sanctions on Russian oil imports at the 30th summit. -31 May
“I think this is not appropriate to bring to the EC meeting as it relates to technical issues, with some EU members having no borders to the sea. This made it necessary to invest in the construction of more oil pipelines. while some countries have to improve the efficiency of refineries and renewable energy,” said von der Leyen.
The EC previously proposed sanctions on Russian oil imports in retaliation for Russia’s military invasion of Ukraine. It proposed a suspension of crude oil imports from Russia within the next six months. and suspend imports of all petroleum products from Russia from 2023, while exempting Hungary and Slovakia from purchasing Russian oil until the end of 2024.
However, the EU is still unable to reach a consensus on the proposal. Some member states are concerned regarding the severe impact of Russian oil sanctions.
Investors will keep an eye on the American Petroleum Institute (API)’s release of US crude inventories today, while the US Federal Energy Information Administration (EIA) will release it tomorrow. Analysts expected US crude inventories to decline last week.
