Oil mixed as dollar rises, EU looks less likely to ban Russian oil
Zee News
A strong dollar makes crude more expensive for other currency holders and tends to weigh on risk appetite.
New Delhi: Oil was trading mixed on Tuesday as the dollar strengthened and it looked unlikely that the European Union would pursue an embargo on Russian oil, a day after prices jumped 7% and also rose earlier in the session.
EU foreign ministers are split on whether to join the United States in banning Russian oil. Some countries, including Germany, say the bloc is too dependent on Russia`s fossil fuels to withstand such a step.
"It`s pretty clear that the German economy will seize up so the EU is backing away from a Russian ban," said John Kilduff, partner at Again LLC in New York.
Brent crude rose 86 cents, or 0.6%, to $116.48 a barrel by 1:47 p.m. EST. U.S. West Texas Intermediate crude fell 34 cents, or 0.3%, to $111.78. On Monday, both contracts had settled up more than 7%.
Oil was pressured by a stronger U.S. dollar, which gained a day after comments from U.S. Federal Reserve Chair Jerome Powell flagged a more aggressive tightening of monetary policy. [USD/]
