TLTP
\nISLAMABAD
\nCrude oil prices fell two-and-a-half percent on Friday as the European Union (EU) failed to evolve a consensus on imposing a blanket ban on the Russian energy sector.
\nAs of 1240 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, shed $2.97 (-2.50 percent) to reach 116.06 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, slipped to $109.51 a barrel, down by $2.83 (-2.52 percent). However, both contracts are set for their first weekly gains in three weeks, with Brent on track for a 10 percent jump and WTI on course for a 7 percent rise.
\nThe price for Opec basket was recorded at $118.72 a barrel with an increase of 1.65 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.
\nArab Light was available at $117.55 a barrel with a decrease of 1.35 percent and the price of Russian Sokol slipped to $104.44 a barrel with a 1.46 percent decrease.
\nThe European Union members, the United States and United Kingdom discussed an oil embargo on the Russian energy sector on Thursday in response to Moscow\u2019s military offensive in Ukraine, but the countries remained divided about imposing a ban due to the heavy reliance of some countries, namely Germany and Hungary, on Russia\u2019s oil. While the US and UK have already targeted Russian oil, such action poses a challenge for the EU, which relies on Russia for 40 percent of its gas.
\nThe United States and allies considered releasing more oil from storage to cool the market. Moreover, the United States is also set to unveil a deal to supply Europe with more liquefied natural gas to decrease its dependence on Russian gas.<\/p>\n","protected":false},"excerpt":{"rendered":"
TLTP ISLAMABAD Crude oil prices fell two-and-a-half percent on Friday as the European Union (EU) failed to evolve a consensus on imposing a blanket ban on the Russian energy sector. As of 1240 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, shed $2.97 (-2.50 percent) to reach 116.06 a barrel. The […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-251374","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n