Oil prices fell on Tuesday after a jump in the previous session, as traders weighed the possibility of the European Union imposing a ban on Russian oil imports.
West Texas Intermediate (WTI) for April delivery lost 36 cents, or 0.3 percent, to settle at $111.76 a barrel on the New York Mercantile Exchange on the day it expired. Brent crude for May delivery fell 14 cents, or 0.1 percent, to close at $115.48 a barrel on the London ICE Futures Exchange.
On Monday, both West Texas Intermediate and the global crude benchmark jumped 7.1 percent after reports of growing calls within the European Union for a ban on Russian oil imports.
“It is still not clear whether this will really happen, because a number of EU member states are so dependent on Russian oil that they can easily find an alternative source of supply on short notice,” said Karsten Fritsch, energy analyst at Commerzbank Research, said Tuesday in a note.
“So not all EU countries support the idea, but a decision of this kind requires unanimity,” he said.
Oil prices have recently moved violently as geopolitical risks to Ukraine raised fears of a supply shock.
(The title and image for this report may have been reformulated only by the Business Standard staff; the rest of the content is automatically generated from a shared feed.)