Crude Oil Closes in the Negative – Germany Drastically Reduces Oil Imports from Russia

Crude oil futures closed lower on Friday (April 29) after volatile trading and three straight days of gains. The oil market was under pressure as investors worried about the possible drop in oil demand amid the global economic slowdown and China’s shutdown.

  • WTI crude futures were down 67 cents, or 0.6%, at $104.69 a barrel.
  • BRENT crude futures were up $1.75, or 1.6%, at $109.34 a barrel.

The price increase since yesterday is due to the fact that the probability of an EU oil embargo against Russia has increased. A few days ago, the German Minister of Economics, Habeck, had stated that Germany only gets 12% of its oil imports from Russia. People are also worried about the low diesel stocks which are currently pushing up the price of diesel. In addition, Russia wants to have diesel deliveries paid in rubles in the future, to which the EU must provide an answer.

Carsten Fritsch, Commodities expert at Commerzbank, added: “An EU oil embargo against Russia is getting closer.”

Investors will be keeping an eye on the May 5 meeting of OPEC and OPEC+, which will set production policy for June.

The Spot Market is Closed

Saturday, April 30, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
11.20

104.11

-1.25

-1.19%

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