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Oil Likely To Hit $200: SEB Group

Will Crude Hit $120 Again?

U.S. West Texas Intermediate crude oil futures are inching higher on Friday, putting it in a position to finish higher for the week, as a planned European Union ban on Russian oil balanced demand concerns over slowing global economic growth.

The price action this week suggests a stalemate between bullish traders hoping a European Union embargo of Russian crude oil would tighten supply and bearish traders worried that higher interest rates would choke economic growth and consequently, crude oil demand.

Russian Oil Embargo Negotiations Stall

EU foreign ministers failed earlier in the week in their effort to pressure Hungary to lift its veto of a proposed oil embargo on Russia, with Lithuania saying the bloc was being “held hostage by one member state”, Reuters reported.

The ban on crude imports proposed by the European Commission in early May would be its harshest sanction yet in response to Moscow’s Feb. 24 invasion of Ukraine and includes carve-outs for EU states most dependent on Russian oil, Reuters added.

IMF Urges Asia to be Mindful of Spillover Risks from Tightening

Asian economies must be mindful of spillover risks as a decade of unconventional easing policies by major central banks is unwound faster than expected, International Monetary Fund (IMF) Deputy Managing Director Kenji Okamura said.

The risks applied particularly to the most vulnerable economies, said Okamura.

Asian economies faced a choice between supporting…

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