Oil falls on uncertainty over Russia sanctions, China demand | Reuters
Oil prices fell $2 after rising earlier in the session on Thursday amid uncertainty that the eurozone will be able to effectively sanction Russian energy exports, and after consuming nations announced a huge release of oil from emergency reserves.
Brent crude futures slid to $2.13, or 2.1%, at $98.94 a barrel at 12:05 p.m. EDT (1405 GMT), while U.S. West Texas Intermediate (WTI) crude fell $1.7, or 1.9%, to $94.36 a barrel.
Both benchmarks had plunged more than 5% in the previous session and hit their lowest closing levels since March 16.
The European Union's top diplomat, Josep Borrell, told a NATO meeting Thursday that new EU measures, including a ban on Russian coal, could be passed on Thursday or Friday and the bloc would discuss an oil embargo next. read more
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