Oil prices remain stable as EU fails to reach accord on Russian oil price cap



by   |  VIEW 311

Oil prices remain stable as EU fails to reach accord on Russian oil price cap

On Friday, both US and UK crude oil futures’ prices remain stable in a thin-volume trading session, winding up a week which was marred by uncertainties over demands of oil in China, the world’s largest oil importer.

Aside from that, as EU had failed to agree on a deal to put a cap on Russian oil, the drag on uncertainty over China demand was largely overshadowed by the EU’s failure to reach an accord. In the matter of the fact, seven nations of the bloc had vetoed the decision which was brought into the table primarily by a persistent US lobbying effort.

On Wednesday, the EU leaders had failed to reach a decision, while following a meet that has witnessed presence of representatives from the US and Germany and France on Thursday, seven nations in the Eurozone had decided against putting a cap on Russian oil.

Besides, several analysts were quoted saying following Thursday’s meet that the prices of crude oil would likely to spiral higher over next week, as China continues to ease pandemic restrictions amid a marginal increase in cases.

Oil ends up higher as EU nations fail to agree on Russian oil price cap

Citing statistics, on Friday’s commodity market wind-down, US crude oil futures’ prices closed out the session 0.6 per cent higher to $78.37 per barrel, while UK crude oil futures’ prices closed 0.3 per cent higher to $85.56 per barrel.

Both US and UK crude oil futures’ prices had stomached their third consecutive weekly decline, while trading is expected to remain cautious ahead of December 5, when a Biden Administration provoked EU decision to put a cap on Russian oil imports might take place.