OIL PRICE: BRENT ABOVE $107, WTI ABOVE $107
Vladimir Vinogradov
WOGNEWS.NET, Global Energy Market Climate Changes News. Новости мирового энергетического рынка, изменений климата.
Brent were down $1.25, or 1.2%, at $107.86 a barrel. WTI fell $1.96, or 1.8%, to $107.63 a barrel.
Heavy falls on European and Asian stock markets followed Wall Street's worst day since mid-2020, as stark warnings from some of the world's biggest retailers underscored just how hard inflation is biting.
The looming possibility of a European Union ban on Russian oil imports has been supporting prices, however.
This month the EU proposed a new package of sanctions against Russia for its invasion of Ukraine, which Moscow calls a "special military operation".
That would include a total ban on oil imports in six months' time, but the measures have not yet been adopted, with Hungary among the most vocal critics of the plan.?
Russian Deputy Prime Minister Alexander Novak said on Thursday that Moscow would send any oil rejected by European countries to Asia and other regions.?
Novak said Russian oil production was about 1 million bpd lower in April but had increased by 200,000 bpd to 300,000 bpd in May with more volumes expected to be restored next month.