Unstable oil following new Russian sanctions proposal

Unstable oil following new Russian sanctions proposal

Oil prices were choppy on Thursday morning after a European Union proposal for new sanctions against Russia called for a crude embargo in six months.

U.S. West Texas Intermediate crude futures slid 15 cents to $107.63 a barrel.

Brent crude futures climbed 42 cents to $110.56 a barrel.

GET FOX BUSINESS ON THE ROAD BY CLICKING HERE

Both benchmarks gained more than $5 a barrel on Wednesday.

Oil well at sunrise (Stock)

The sanctions proposal, announced by European Commission President Ursula von der Leyen on Wednesday, calls for a phasing out of supplies of Russian crude in six months and refined products by the end of 2022.

The proposal needs the unanimous support of all 27 EU countries to enter into force.

On Thursday, OPEC+ is expected to agree to raise production targets by 432,000 barrels per day in June, four OPEC+ delegates told Reuters.

OPEC+ would then stick to plans for a gradual ramp-up in monthly production.

CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS

U.S. crude oil inventories rose 1.3 million barrels last week after more oil was released from strategic reserves, according to the Energy Information Administration.

OPEC

OPEC President UAE Energy Minister Suhail al-Mazrouei (C) speaks as he sits with Russian Energy Minister Alexander Novak (left) and the OPEC secretary general, Mohammed Sanusi Barkindo (r) of Nigeria during a meeting at the headquarters of the Organi (Photo by JOE KLAMAR/AFP/Getty Images)

Reuters contributed to this report.

Leave a Comment

Your email address will not be published.