Oil prices fell, during a trading session, today, Tuesday, after rising more than 7% in the previous session, amid investor anticipation for the possibility of the European Union imposing a ban on Russian oil products..
US crude futures for April delivery fell by $1.57, or 1.50%, to trade at $108.23 a barrel, and Brent crude futures for May delivery fell by $1.08, or 0.93%, to trade at $114.54 a barrel..
It is noteworthy that oil prices had jumped more than 7% yesterday, Monday, after the European Union foreign ministers discussed joining the United States in banning Russian crude imports, but they did not reach any agreement in this regard due to the region’s heavy dependence on energy. Russian.
The United States of America and the United Kingdom had banned Russian oil, but the European Union relies heavily on energy supplies from Russia, which covers nearly 30% of its needs, but it is under increasing pressure during the recent period to follow the United States’ example, especially in light of the continuing crisis Ukrainian Russian.
Oil traders are also looking forward to weekly updates on US oil supplies from the American Petroleum Institute late in the day and the Energy Information Administration early Wednesday..
Analysts expect the Energy Information Administration to announce that US crude supplies will not change during the week ending in March, but gasoline stocks are likely to record a decrease of 1.7 million barrels… and distillates are expected to decline by 1.4 million barrels..