New York [US], June 1: Oil prices ended mixed on Tuesday as the European Union has agreed to a partial ban on Russian oil.
The West Texas Intermediate for July delivery lost 40 cents, or 0.35 percent, to settle at 114.67 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased 1.17 dollars, or 0.96 percent, to close at 122.84 dollars a barrel on the London ICE Futures Exchange.
The above market reactions came after the EU's agreement on a partial oil embargo against Russia.
Charles Michel, president of the European Council, tweeted Monday night that 75 percent of Russian oil imports will be immediately affected, rising to 90 percent by the end of the year.
"According to the IEA (International Energy Agency), the EU was still importing 3.4 million barrels of crude oil and oil products per day from Russia in April. In other words, new suppliers will need to be found for around 3 million barrels per day in the coming months," Carsten Fritsch, energy analyst at Commerzbank Research, said in a note on Tuesday.
Traders are also awaiting a key meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively know as OPEC+, as the alliance is set to meet on Thursday to discuss its production plans.
Source: Xinhua
