Simon Watkins is a former senior FX trader and salesman, financial journalist, and best-selling author. He was Head of Forex Institutional Sales and Trading for… Several E.U. member states made it plain that they will veto any E.U. proposal to ban Russian oil (or gas) imports. Removal of oil ban ‘fear factor’ may significantly reduce risk premium in crude oil prices. Lack of clear leadership from Germany makes an effective oil embargo a long shot. A key factor in the upper band of the benchmark crude oil trading ranges over the past weeks is market concern over a ban of Russian oil exports to the European Union (E.U.). Prior to the invasion of Ukraine, Europe was importing around 2.7 million barrels per day (bpd) of crude oil from Russia and another 1.5 million bpd of oil products, mostly diesel. This fear, though, is vastly overblown for several reasons analysed […]