Hungary holds up EU decision to ban Russian oil US dollar falls 1.05% on week US gasoline inventory draws provide support Crude oil futures were lower in mid-morning Asian trade May 24 as Hungary continues to hold up the EU’s planned embargo on Russian oil, but some support came from a weaker US dollar and tighter US gasoline inventories. ]
At 10:39 am Singapore time (0239 GMT), the ICE July Brent futures contract was down 62 cents/b (0.55%) from the previous close at $112.80/b, while the NYMEX July light sweet crude contract fell 61 cents/b (0.55%) to $109.68/b. “Crude oil prices struggled to keep their head above water as the EU’s proposed ban on Russian oil looks increasingly unlikely,” Brian Martin and Daniel Hynes from ANZ Research said in a May 24 note. The EU continues to […]