Oil Suffers Biggest Blow Since March Amid Stock Market Rout - Bloomberg

Oil Suffers Biggest Blow Since March Amid Stock Market Rout - Bloomberg

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WTI for June delivery fell $6.68 to settle at $103.09 a barrel in New York. Brent for July settlement dropped $6.45 to settle at $105.94 a barrel. Oil crumpled under the weight of a broader market selloff as the European Union softened some of its proposed sanctions on Russian crude to appease potential holdouts. West Texas Intermediate futures in New York dropped over $6 a barrel, the most since the end of March. The EU looked set to weaken its sanctions package on Russia, while Saudi Arabia cut its prices in a sign of flagging demand in top importer China. Equity markets retreated on concern over how much the Federal Reserve will have to boost rates to tame inflation. “The less-prohibitive sanctions plan on Russian oil may take less of its supply offline and highlights the complexity of sanctions against Russian energy,” said Rohan Reddy, director of research at Global X Management. “The pushback from some EU members like Hungary and Slovakia could mean the EU may need to go back to the drawing board on its initial sanctions proposal.”