{"id":11073,"date":"2022-05-17T03:53:45","date_gmt":"2022-05-17T03:53:45","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=11073"},"modified":"2022-05-17T03:53:45","modified_gmt":"2022-05-17T03:53:45","slug":"oil-prices-starting-to-fall-as-eu-tries-for-russia-import-ban","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/oil-prices-starting-to-fall-as-eu-tries-for-russia-import-ban\/","title":{"rendered":"Oil prices starting to fall as EU tries for Russia import ban"},"content":{"rendered":"<h1><strong>Oil prices starting to fall as EU tries for Russia import ban<\/strong><\/h1>\n<p>Oil prices fell in early Asian trade on Tuesday as the European Union&#8217;s efforts to establish a ban on Russian oil imports, which would reduce global supply, were met with opposition from Hungary. At 0004 GMT, Brent crude prices were down 35 cents, or 0.3 percent, to $113.89 a barrel, while WTI <a href=\"https:\/\/www.xtrememarkets.com\/US\/commodities-category\/\"><strong>crude<\/strong> <\/a>futures were down 52 cents, or 0.5 percent, to $113.68 a barrel. Following Russia&#8217;s invasion of Ukraine, EU foreign ministers failed to persuade Budapest to reverse its veto on a proposed oil embargo against the country. All EU countries would have to agree on an embargo.<\/p>\n<p>On the demand side, statistics from China indicated that the world&#8217;s second-largest country processed 11% less crude oil in April than a year ago, owing to stringent COVID-19 lockdowns, with daily output falling to its lowest level since March 2020 as refiners cut operations due to lower demand.<\/p>\n<p>While Chinese demand falls, manufacturers in the United States ramp up production to refill supplies reduced by Russia&#8217;s war on Ukraine, which Moscow refers to as a &#8220;special military operation,&#8221; and the coronavirus outbreak. According to the US Energy Information Administration (EIA), oil output in the Permian Region in Texas and New Mexico, the country&#8217;s largest shale oil basin, is expected to grow 88,000 barrels per day (bpd) to a record 5.219 million bpd in June.<\/p>\n<p>The Strategic Petroleum Reserve&#8217;s inventory decreased to 538 million barrels on Monday, the lowest level since 1987, according to figures released by the US Department of Energy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices starting to fall as EU tries for Russia import ban Oil prices fell in early Asian trade on Tuesday as the European Union&#8217;s efforts to establish a ban on Russian oil imports, which would reduce global supply, were met with opposition from Hungary. At 0004 GMT, Brent crude prices were down 35 cents,<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/US\/oil-prices-starting-to-fall-as-eu-tries-for-russia-import-ban\/\">continue reading<\/a>.","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18],"tags":[38,272,297,182,24,35,157,60,55,52,201],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Oil prices starting to fall as EU tries for Russia import ban | Xtreme Markets<\/title>\r\n<meta name=\"description\" content=\"Oil prices fell in early Asian trade as the EU efforts to establish a ban on Russian oil imports, which would reduce global supply.\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/US\/oil-prices-starting-to-fall-as-eu-tries-for-russia-import-ban\/\" \/>\r\n<meta 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