ISLAMABAD
Crude oil prices fell over 0ne percent on Thursday amid expectation that an outright European Union (EU) ban on Russian energy is unlikely.
As of 1350 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $1.26 (-1.04 percent) to reach 120.34 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, slipped to $113.55 a barrel, down by $1.38 (-1.20 percent).
The price for Opec basket was recorded at $116.94 a barrel with an increase of 2.04 percent. The OPEC Reference Basket of Crudes (ORB) is made up of Saharan Blend, Girassol, Djeno, Zafiro, Rabi Light, Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny Light, Arab Light, Murban and Merey.
Arab Light was available at $119.16 a barrel with an increase of 4.15 percent and the price of Russian Sokol jumped to $105.99 a barrel with a 4.28 percent increase.
The European Union members are set to discuss a possible oil embargo on Russian crude on Thursday (March 24) in response to Moscow’s military offensive in Ukraine, but are divided about imposing a ban due to the heavy reliance of some countries, namely Germany and Hungary, on Russia’s oil. The US and the UK have already imposed bans on Russian oil, and many EU member states support a ban. Still, a few key players and a decision must be unanimous. A decision on a ban requires the approval of all 27-member states of the EU.
On the other hand, Total US commercial crude stocks fell 2.51 million barrels in the week ended March 18 to 413.4 million barrels, the Energy Information Administration said, leaving stocks 12.5 percent behind the five-year average for this time of year. The draw came amid rising refinery demand and a sharp uptick in the US exports.
