Oil fell as the European Union shied away from banning Russian crude imports, while Kazakhstan said disruption at a key export terminal is set to ease.
Futures in New York fell as much as 3.3%, trading in a $4 range on Friday. Markets sold off after the EU and U.S. announced an agreement to cut reliance on Russian natural gas, though several nations remain uncomfortable with any potential oil embargo on a major supplier. Meanwhile, crude oil loading from Kazakhstan’s Caspian Pipeline Consortium link has partially resumed.
Oil is still up this week and has rallied over the past four months, hitting the highest since 2008 in early March as the war in Ukraine roiled an already tight commodity markets. In response, the U.S. and U.K. have moved to bar Russian oil, and many Western energy firms are also choosing to shun the nation’s crude. Buyers in China and India appear to be soaking up some of those barrels.
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