Oil prices fell on Friday as supply concerns eased after the partial resumption of oil exports from Kazakhstan following repairs at the terminal.
Meanwhile, the European Union remains divided over a ban on Russian oil.
Brent crude was down nearly 3% to $115.72 a barrel at 10:20 AM ET. And US crude (WTI) fell by a similar percentage to 108.94 dollars.
Despite the decline, benchmark indices are heading for their first weekly gain in three weeks.
Oil exports from the CPC terminal on Russia’s Black Sea coast are expected to resume on Friday after repairs at a mooring point damaged by the storm.
The United States and the United Kingdom, both of which are less dependent on Russian oil than the European Union, have imposed bans on the product. The European Union, which relies heavily on Russian oil and gas, faces an even bigger dilemma over imposing sanctions.
“As the single largest buyer of Russian oil, the faster Europe seeks to reduce Russian imports, higher global oil prices will rise,” analysts at JPMorgan said in a note.
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