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Oil Futures Settle Lower Amid Uncertainty About EU Ban On Russian Oil

Crude oil futures ended lower on Tuesday, weighed down by reports that European Union foreign ministers are split on the issue of banning Russian oil.

“The question of an oil embargo is not a question of whether we want or don’t want (it), but a question of how much we depend on oil,” German Foreign Minister Annalena Baerbock told reporters.

Traders chose to book profits amid concerns over demand due to a surge in Covid-19 cases in China.

Oil was also weighed down by a steady dollar after Federal Reserve Chair Jerome Powell hinted at tighter monetary policy to rein in inflation.

West Texas Intermediate Crude oil futures for April settled lower by $0.36 or about 0.3% at $111.76 a barrel on the expiration day.

WTI Crude oil futures for May ended down by $0.70 or about 0.6% at $109.27 a barrel.

Brent crude futures were down $0.16 or 0.15% at $115.46 a barrel a little while ago.

Traders also looked ahead to weekly oil inventory data from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).

While the API’s report is due later today, the EIA is scheduled to release its inventory data Wednesday morning.

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