BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Oil prices were moving lower on Wednesday after analysts said the U.S. and U.K. ban on Russian oil imports will be far disruptive to global markets than a full international embargo.
Brent crude futures for May delivery dropped 0.7 percent to $127.04 per barrel, while WTI crude futures for April settlement were down 0.9 percent at $122.64.
U.S. President Joe Biden announced a ban on U.S imports of Russian oil in consultation with European allies, who rely heavily more heavily than the U.S. on Russian energy.
The U.K. said it would phase out the import of Russian oil and oil products by the end of 2022. The EU didn't follow suit and said the bloc could become fully independent of Russian gas, oil and coal by 2030.
Analysts said the ban may have muted effect without other countries joining in step. Despite rising concerns over supply shortages, there are signs the market is not short of oil yet.
Meanwhile, Russia warned the West that it was working on a broad response to sanctions that would be swift and felt in the West's most sensitive areas.
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