Oil dips on embargo uncertainty
Russia competes with Saudi Arabia for the title of biggest crude oil and refined oil products exporter. PHOTO: FILE
Oil stumbled on Tuesday as the dollar strengthened and it looked unlikely that the European Union would pursue an embargo on Russian oil, a day after prices jumped 7% and also rose earlier in the session. Brent crude fell $0.73, or 0.6%, to $114.89 a barrel by 11:45 AM EST (1645 GMT). US West Texas Intermediate crude fell $1.91, or 1.7%, to $110.21. On Monday, both contracts had settled up more than 7%. Oil was also pressured by a stronger US dollar, which gained a day after comments from US Federal Reserve Chair Jerome Powell flagged a more aggressive tightening of monetary policy. A strong dollar makes crude more expensive for other currency holders and tends to weigh on risk appetite.
Published in The Express Tribune, March 23rd, 2022.
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