(OP)inions Oil uncertainty

March 25, 2022 

Crude prices slid 2% on Thursday after the European Union (EU) could not agree on a plan to boycott Russian oil and on reports that exports from Kazakhstan's Caspian Pipeline Consortium (CPC) terminal could partially resume. 

European Union leaders are set to agree at a two-day summit starting on Thursday to jointly buy natural gas as they seek to cut reliance on Russian fuels, with some saying they would not comply with Moscow's demand to buy oil and gas using roubles. 

But EU countries remain divided on whether to sanction Russian oil and gas directly, a move already taken by the United States. 

Brent futures fell $2.57, or 2.1%, to settle at $119.03 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $2.59, or 2.3%, to settle at $112.34. 

On Wednesday, both benchmarks closed at their highest since March 8. 

Russia's invasion of Ukraine on Feb. 24 has prompted the EU to pledge to slash reliance on Russian fossil fuels by hiking imports from other countries and quickly expanding renewable energy. 

OnePro Special Analyst

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