OIL PRICE: BRENT NEAR $110, WTI NEAR $109
Vladimir Vinogradov
WOGNEWS.NET, Global Energy Market Climate Changes News. Новости мирового энергетического рынка, изменений климата.
Brent were down $1.42, or 1.3%, at $110.13 a barrel, WTI were $1.10, or 1.0%, lower at $109.39 a barrel.
Both benchmarks, which jumped about 4% last Friday, earlier climbed by more than $1 a barrel, with WTI reaching its highest since March 28 at $111.71.
The European Union aims to agree a phased embargo on Russian oil this month despite concerns about supply in eastern Europe, four diplomats and officials said on Friday, rejecting suggestions of a delay or watering down proposals.?
Last week, Moscow slapped sanctions on several European energy companies, causing worries about supplies.?
Elsewhere OPEC+ - the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - has been undershooting previously agreed plans for output increases due to under-investment in oilfields in some OPEC members and, more recently, losses in Russian output.
The latest monthly report from OPEC showed its output in April rose by 153,000 barrels per day (bpd) to 28.65 million bpd, lagging the 254,000 bpd rise that OPEC is allowed under the OPEC+ deal.?