Oil prices dipped on Wednesday as a soaring dollar made barrels more expensive and Europe's biggest economy Germany was speeding up plans to wean itself off Russian oil while coronavirus outbreaks clouded China's economic outlook.
Erasing earlier gains, Brent crude futures dipped $1.34, or 1.3%, to $103.65 a barrel by 1353 GMT. U.S. West Texas Intermediate crude futures dropped $1.50, or 1.5%, to $100.20 a barrel.
Russian energy giant Gazprom (GAZP.MM) said on Wednesday it halted gas supplies to Bulgaria and Poland in a major escalation of Russia's broader row with the West over Ukraine. read more
European Commission Chief Ursula von der Leyen said Russia was using fossil fuels to blackmail the EU but added the era of Russian fossil fuels in Europe was coming to an end.
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