June 24, 2022

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Oil steadies as coronavirus worries offset more Russia sanctions

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NEW YORK — Oil prices steadied in volatile trade on Tuesday as growing worries that new coronavirus cases could slow demand offset supply concerns after the United States and Europe planned to impose new sanction on Russia for alleged war crimes in Ukraine.

Brent futures fell 38 cents, or 0.4%, to $107.15 a barrel by 12:29 p.m. EDT (1629 GMT). U.S. West Texas Intermediate (WTI) crude fell 34 cents, or 0.4%, to $102.94.

Chinese authorities extended a lockdown in Shanghai to cover all of the financial center’s 26 million people, despite growing anger over quarantine rules in the city.

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The West is planning new sanctions against Russia over civilian killings in Ukraine. President Joe Biden’s national security adviser said new U.S. sanctions would be announced this week.

The European Union also proposed sweeping new sanctions against Russia, including a ban on coal imports.

German Foreign Minister Annalena Baerbock said the ban on coal will be followed by oil and then gas.

Moscow, meanwhile, said Western allegations Russian forces committed war crimes by executing civilians in the Ukrainian town of Bucha were a “monstrous forgery” aimed at denigrating the Russian army.

Britain urged Group of Seven (G7) and North Atlantic Treaty Organization (NATO) nations to ban Russian ships from their ports, and agree to a timetable to phase out oil and gas imports from Russia.

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“The threat of European sanctions on Russian oil remains an upside risk for crude prices,” said Craig Erlam, senior market analyst at OANDA, noting “The release of reserves has helped take some of the pressure off amid disruptions to…


2022-04-05 13:04:34

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