Brent crude fell $0.14, or 0.2%, to close at $115.48 a barrel
hey petroleum Tuesday fell when it appeared unlikely that EU countries would agree to join the United States over Russian oil in retaliation for an invasion of Ukraine.
EU foreign ministers were divided over the ban, as some countries, including Germany, say the bloc is too dependent on Russia’s fossil fuels to resist such a move.
“It is very clear that the German economy is going to struggle, so the EU is moving away from the Russian embargo,” said John Kilduff, a partner at Again LLC in New York.
Brent crude fell 14 cents, or 0.2%, to $115.48 a barrel. US crude fell 36 cents, or 0.3%, to $111.76. On Monday, both contracts closed more than 7% with potential EU sanctions.
In addition to the supply crunch, oil exports from the Caspian Pipeline Consortium (CPC) could fall by about 1 million barrels per day (bpd) as it repairs two of the three storm-damaged berths in the Russian section. The agency said, citing the Russian Ministry of Energy.
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