Oil prices dip 3rd day in row as EU pauses on Russian energy sanctions plan
Oil prices fell for a third straight day on Thursday after the European Union paused on an immediate ban of Russian coal and other energy imports, providing itself some breathing room amid the global energy crisis.
Adding to the downdraft in oil was the worst coronavirus outbreak in Shanghai in two years that has forced a lockdown in China’s second largest city and triggered concerns about demand in the world’s second oil consuming country.
Brent, the global benchmark for oil, settled down 49 cents, or 0.5%, at $100.58 per barrel, after a Thursday low of $98.50. Last week, Brent fell 13% last week for its biggest weekly decline since April 2020 after finishing the first quarter up 39%.
