Oil Continues to Decline

Burc Oran

May 10, 2022

The decrease in oil on the first trading day of the week continues on the new trading day.

US crude oil and Brent oil dropped more than 1 percent. US oil fell below $102, and Brent oil fell below $105. The news flow that the EU’s embargo plan regarding Russian oil softened was influential on the oil markets.

It is stated that while the European Union is expected to ease the sanctions to be applied to Russian oil after internal discussions. Hungary said that they would not accept the new sanction bill of the EU Commission in its current form.

It is estimated that banning Europe from transporting Russian oil will seriously damage Russia’s oil exports, which is one of the most critical reserve money sources.

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Oil Continues to Decline

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