Oil prices fell at the settlement yesterday, Thursday, adding to the weekly losses due to the uncertainty about the ability of Eurozone to impose effective sanctions on Russian energy exportsAnd after consuming countries announced the withdrawal of huge quantities of oil from emergency reserves.
Prices were also pressured by fears 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.
EU foreign policy chief Josep Borrell told a NATO meeting that the bloc was discussing an oil embargo next time.
In China, the virus outbreak has led to widespread lockdowns in Shanghai, its most populous city.
Meanwhile, member states of the International Energy Agency have agreed to withdraw 60 million barrels on top of the 180 million that the United States announced last week to help lower fuel prices.