Oil settles lower on doubts about Russia oil sanctions | Reuters

Oil settles lower on doubts about Russia oil sanctions | Reuters

Oil settled lower on Thursday, adding to weekly losseson uncertainty that the euro zone will be able to effectively sanction Russian energy exports and after consuming nations announced a huge release of oil from emergency reserves.

Prices were also pressured by fears that lockdowns in China due to a new wave of COVID-19 would slow the recover in oil demand.

Brent crude futures fell 49 cents, or 0.5%, to settle at $100.58 a barrel while U.S. West Texas Intermediate (WTI) crude fell 20 cents, or 0.6%, to settle at $96.03 a barrel. The previous session, both benchmarks plunged more than 5% to their lowest closing levels since March 16.

The European Union's top diplomat, Josep Borrell, told a NATO meeting 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