WTI stabilises in low $100s after Monday’s dump as EU nears deal on embargo of Russian oil By Frank_Macro Oil WTI
futures have on Tuesday found support above the psychologically important $100 mark and are currently trading roughly flat on the day in the mid-$102.00s.
But “oil markets do look like they have more room to fall in the shorter term,” said a senior market analyst at OANDA on Tuesday, a sentiment shared by many other analysts. They cite the ongoing risks to Russian oil output posed by Western sanctions in response to the invasion of Ukraine. French European Affairs Minister Clement Beaune said earlier on Tuesday that EU nations could reach a deal on the next round of Russian oil sanctions this week. Meanwhile, Japan has also said it will phase out Russian oil purchases.data will be in focus later in the day with the release of the weekly private API report at 2130BST, which are likely to show a fall in crude oil stocks according to a Reuters poll of analysts released on Monday. This might lend further support to WTI.
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