Oil Prices Make U-Turn And Fall To $115 A Barrel, After Rising Near $120
Oil prices make a U-turn and fall To about $115 A Barrel, as European Union (EU) members disagreed on a potential oil embargo on Russia, but supply concerns limited the decline.
The benchmark Brent crude futures were last down about 0.5 per cent at around $115 per barrel after rising sharply higher to near $120 early on Tuesday. On Monday, prices rose more than 7 per cent.
Reuters reported that the EU's foreign ministers disagreed on whether and how to slap sanctions on Russia's lucrative energy sector over its invasion of Ukraine, with Germany saying the bloc was too dependent on Russian oil to decide an embargo.
The EU and allies have already imposed hefty measures against Russia, including freezing its central bank's assets.
While oil prices had soared as the potential for more supply disruptions had weighed on the market, news that the EU members were indecisive has helped sentiment on the already-tight supply market.
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