Oil prices fell in Asia this morning as investors keep an eye on talks in the EU over a Russian oil embargo, which is expected to tighten global supplies.
- Brent crude fell 67 cents, or 0.6%, to $111.72 a barrel.
- WTI crude was $109.02 a barrel, down 75 cents, or 0.7%.
Both contracts rose last week for the second week in a row on supply concerns after the European Commission proposed sanctions against Russian oil. However, this proposal requires a unanimous vote of EU members.
Meanwhile, Bulgaria’s deputy prime minister said late Sunday that the country will veto EU oil sanctions against Russia.
The European Commission has proposed modifying planned Russian oil sanctions to give Hungary, Slovakia and the Czech Republic more time to switch to other sources of energy.
Meanwhile, Saudi Arabia, the world’s largest oil exporter, on Sunday lowered its crude oil prices for Asian and European customers for the month of June.
The Spot Market is Open
Monday, May 9, 2022
| Energy Updated at | USD Price | Change | %Change |
| Crude Oil 11.15 | 109.83 | +0.06 | +0.05% |