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Oil edges lower as EU looks less likely to ban Russian oil

Commodities Mar 22, 2022 04:23PM ET
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© Reuters. FILE PHOTO: A Russian state flag flies on the top of a diesel plant in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia March 10, 2019. Picture taken March 10, 2019. REUTERS/Vasily Fedosenko
 
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By Laura Sanicola

(Reuters) -Oil edged lower on Tuesday after it looked unlikely that European Union nations would agree to join the United States in a Russian oil embargo in retaliation for its invasion of Ukraine.

EU foreign ministers were split on the ban as some countries, including Germany, say the bloc is too dependent on Russia's fossil fuels to withstand such a step.

"It's pretty clear that the German economy will seize up so the EU is backing away from a Russian ban," said John Kilduff, partner at Again LLC in New York.

Brent crude fell 14 cents, or 0.2%, to settle at $115.48 a barrel. U.S. West Texas Intermediate crude ended 36 cents, or 0.3%, lower at $111.76. On Monday, both contracts had settled up more than 7% on the potential EU ban.

Adding to supply shortages, oil exports by Caspian Pipeline Consortium (CPC) may fall by around 1 million barrels per day (bpd) while it repairs two of three mooring points damaged by a storm in Russia's section of the Black Sea, RIA news agency quoted Russia's energy ministry as saying.

French oil major TotalEnergies, which has come under criticism after it stopped short of joining rivals Shell (LON:RDSa) and BP (NYSE:BP) in planning to divest oil and gas assets in Russia, said on Tuesday it would to quit Russian oil supply contracts.

Oil prices also drew support from threats to supply as Yemen's Iran-aligned Houthi group attacked Saudi energy and water desalination facilities over the weekend. On Monday, Saudi Arabia said it would not bear responsibility for any global supply shortages after the attacks by the Houthis, signaling growing Saudi frustration with Washington's handling of Yemen and Iran.

The oil market will watch the latest round of weekly U.S. inventory data for clearer direction. Analysts expect crude oil inventories to rise slightly. The American Petroleum Institute, an industry group, issues its supply report at 4:30 p.m., followed by official data on Wednesday. [EIA/S]

(Additional reporting Alex Lawler, by Mohi Narayan and Liz Hampton; Editing by Marguerita Choy and Andrea Ricci)

Oil edges lower as EU looks less likely to ban Russian oil
 

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Comments (15)
Options Trader
Options Trader Mar 22, 2022 11:54PM ET
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If everyone cannot see the war was pre planned for this outcome, you are blind.
YANG MING TEO
YANG MING TEO Mar 22, 2022 6:12PM ET
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pudin, US and ukraine president should responsible to this war... IF US and Ukraine did not try to water the oil on fire, the war would not happen....
Adi Lara
Adi Lara Mar 22, 2022 2:18PM ET
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india friends of Russia
John Berry
John Berry Mar 22, 2022 2:05PM ET
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They will soon. Just a matter of time.
Totoy Bulatoy
Toybulatoy Mar 22, 2022 11:05AM ET
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misleading headline,. you should be sued for this.
Totoy Bulatoy
Toybulatoy Mar 22, 2022 11:05AM ET
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they changed the headline title. still when clicked.
Gail Goodman
Gail Goodman Mar 22, 2022 11:05AM ET
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What did it say that was misleading?
Wen Lin
Wen Lin Mar 22, 2022 10:36AM ET
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Oil tanks as soon as this article came out. Lol 🤣🤣🤣🤣
Marco cuevas
Marco cuevas Mar 22, 2022 10:04AM ET
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Windfall tax will hiT EU and US get ready to pay up BIGOIL
Greggy Chua
Greggy Chua Mar 22, 2022 7:14AM ET
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Ban Russian Oil, prices go up benefiting Russia and even Iran.
Greggy Chua
Greggy Chua Mar 22, 2022 7:14AM ET
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Ban Russian Oil, prices go up benefiting Russia and even Iran.
Benjamin USA
Benjamin USA Mar 22, 2022 7:14AM ET
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Nope
Marco cuevas
Marco cuevas Mar 22, 2022 7:14AM ET
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Wrong if anything russian oil will be as cheap as lamp oil....they are already selling it ti india dirt cheap...this will affect russian oil for 10 years ...oil is done in Russia thanks to putin.
MK MK
MK MK Mar 22, 2022 6:55AM ET
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France and Germany are ally of Russian Nazis. Shame on you, bustards
Show previous replies (5)
YANG MING TEO
YANG MING TEO Mar 22, 2022 6:55AM ET
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Tre Hsi February 25, 2021, the United States military carried out an airstrike on a site which it believed to have been occupied by Iranian-backed Iraqi militias operating from across the border in eastern Syria.[5 airstrike other country not consider as invaded?
YANG MING TEO
YANG MING TEO Mar 22, 2022 6:55AM ET
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February 25, 2021, the United States military carried out an airstrike on a site which it believed to have been occupied by Iranian-backed Iraqi militias operating from across the border in eastern Syria.[5 airstrike other country not consider as invaded?The military initially defended the strike, which killed 10 civilians including seven children, but ultimately called it a tragic mistake. --》 i see.. us troop killed civilians and children not killing but mistake ya... US invaded other country is not invaded because US is not alone... what theory is this?
MK MK
MK MK Mar 22, 2022 6:55AM ET
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Yang Ming Teo  Sure. My best dream - Russia and USA destroy each other without harm for the rest of world
Tre Hsi
Tre Hsi Mar 22, 2022 6:55AM ET
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YANG MING TEO  "airstrike other country not consider as invaded"  -- at least you got that right, otherwise based on your "logic" Russia also invaded Syria by conducting air strikes there
Yang Ming Teo
Yang Ming Teo Mar 22, 2022 6:55AM ET
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The 2003 invasion of Iraq by the United States, United Kingdom, Australia, Poland and a coalition of other countries was widely viewed as a violation of the United Nations Charter, the bedrock of international relations in the post-World War II world. The then United Nations Secretary-General Kofi Annan stated in September 2004 that: "I have indicated it was not in conformity with the UN charter. From our point of view and the UN Charter point of view, it [the war] was illegal".[1][2] How about this one? Also not invaded? U this crazy guy...
 
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