“The European Union, with its unanimity rules, will never obtain a total application of the embargo” for all its members, “but what it will do at least will represent a strong reduction and leave a mark” for Russia, commented Bill O’Grady, of Confluence Investment. “If no agreement is found this weekend, I should call an extraordinary meeting of EU foreign ministers next week, after Europe Day.”warned the head of European diplomacy, Josep Borrell.
These expectations come at a time when the market had been stressed once again this week, especially at the level of refined products, while US refineries did not return to full production from the previous weekstressed the analyst. “At the same time, signs of a weakening world economy are multiplying,” which may affect demandvalued Stephen Brennock, of PVM Energy.
“Nevertheless, oil should have no difficulty staying above the $100/barrel token baras long as fears linked to demand are overshadowed by those related to the supply deficit,” the analyst explained.