Europe

Crude oil down 2%, EU’s first big drop in 5 days as Russia’s oil ban remains undecided

https://sputniknews.com/20220517/crude-down-2-first-major-drop-in-5-days-as-eu-remains-undecided-on-russia-oil-ban-1095587336.html

Crude oil down 2%, EU’s first big drop in 5 days as Russia’s oil ban remains undecided

Crude oil down 2%, EU’s first big drop in 5 days as Russia’s oil ban remains undecided

New York (Sputnik)-Tuesday crude oil prices fell 2%.This is because the European Union showed its first significant decline in five-day trading … 17.05.2022, Sputnik International.

2022-05-17T21: 02 + 0000

2022-05-17T21: 02 + 0000

2022-05-17T21: 03 + 0000

wti

Oil price

gasoline

Oil embargo

Russia

EU

Hungary

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West Texas Intermediate trading in New York was settled at $ 112.40 a barrel, down $ 1.80, or 1.6%, from Monday. The US crude oil benchmark has risen cumulatively by 14.5% in the last four trading sessions, reaching a seven-week high of $ 114.90 in the previous session. Brent traded in London fell $ 2.31 (2%) to settle at $ 111.93. The global oil benchmark rose 11.5% between May 10th and 16th, culminating at a monthly high of $ 114.79 on Monday. Embargo to Russia. A ban on Russia’s entire block of oil requires approval from all EU countries. Market participants were also looking at US weekly oil inventory data after market settlement from the American Petroleum Institute (API). The API will be released late Tuesday. A snapshot of US crude, petrol and distillate financial results for the week ending May 13. This number serves as a precursor to official inventory data by the US Energy Information Administration on Wednesday. Analysts surveyed by US media services expect EIA. Last week’s crude oil reserves were 1.38 million barrels, reporting an increase of 8.49 million barrels from the previous week to May 6. In terms of gasoline inventories, the consensus is to pull in 1.33 million barrels, which exceeds 3.61 million barrels. -Decrease in barrels last week. Distillate stockpiles are expected to decrease by 800,000 barrels from the 913,000 deficit last week.

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wti, oil prices, gasoline, oil embargo, Russia, EU, Hungary

New York (Sputnik)-Crude oil prices fell 2% on Tuesday as the European Union fluctuated back and forth over whether to proceed with Russia’s oil ban, with the first significant fall in a five-day deal. Benefit from recent rallies.

West Texas Intermediate trading in New York was settled at $ 112.40 a barrel, down $ 1.80, or 1.6%, from Monday. The US crude oil benchmark has risen cumulatively by 14.5% in the last four trading sessions, reaching a seven-week high of $ 114.90 in the previous session.

Brent trading in London fell $ 2.31 (2%) to settle at $ 111.93. The global oil benchmark rose 11.5% between May 10th and 16th, culminating at a monthly high of $ 114.79 on Monday.

EU Foreign Ministers will be on Monday, according to traders Pressure Hungary to lift the veto Of the proposed oil embargo to Russia. A ban on Russia’s entire block of oil requires approval from all EU countries.

“The oil market is still tight, but if the EU adopts a strategy of tariffs rather than phasing out Russian oil, oil prices,” said Ed Moya, an analyst at online trading platform OANDA. Rise may indicate some depletion here. “

Market participants were also looking at US weekly oil inventory data after market settlement from the American Petroleum Institute (API).

EU introduces “suicide” sanctions on Russian oil and gas under pressure from U.S. overlord: Putin

The API will release a snapshot of US crude oil, petrol and distillate closing balances for the week ending May 13 later on Tuesday. This number serves as a precursor to official US inventory data by the US Energy Information Administration on Wednesday.

Analysts surveyed by U.S. media services reported an increase of 8.49 million barrels between the previous week and May 6, while the EIA reported last week’s crude oil reserves of 1.38 million barrels. I expect it to be done.

In terms of gasoline inventories, the consensus is a draw of 1.33 million barrels compared to a decrease of 3.61 million barrels last week.

The stockpile of distillates is expected to reduce 800,000 barrels from the 913,000 deficit last week.

https://sputniknews.com/20220517/crude-down-2-first-major-drop-in-5-days-as-eu-remains-undecided-on-russia-oil-ban-1095587336.html Crude oil down 2%, EU’s first big drop in 5 days as Russia’s oil ban remains undecided

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