Oil retreats as traders weigh EU haggling and slump in equities
BNN Bloomberg
Oil fell as investors weighed continued European Union talks about cutting Russian supplies and a flight to safety as global stocks slid closer to a bear market.
West Texas Intermediate traded near US$107 a barrel as European equities lost more than 2 per cent. The EU is set to weaken its sanctions passage on Russia after a weekend of wrangling. The bloc will drop a proposed ban on its vessels transporting Russian oil to third countries, but will retain a plan to prohibit insuring those shipments, according to documents seen by Bloomberg and people familiar with the matter.
The leaders of the most-industrialized countries made a vow to ban imports from Russia in response to President Vladimir Putin’s war in Ukraine over the weekend. Russia said Monday it expects its oil production to rise in May, and that it’s seeing new buyers for its crude, including in Asia.
