Crude Falls in Choppy Session as EU Considers Oil Sanctions
- TotalEnergies will stop buying Russian oil and petroleum
- Low liquidity has driven recent price swings, BofA says
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Oil slipped after a choppy session as the European Union debates whether to ban Russian crude imports with some key members remaining opposed.
Futures in New York closed down 0.3% after trading in a $5 range on Tuesday. EU foreign policy chief Josep Borrell said he expects leaders to discuss -- but probably not yet approve -- further sanctions against Russia when they meet in Brussels later this week. Meanwhile, TotalEnergies SE strengthened its commitment to shun Russian oil and refined products entirely by year-end, saying it will no longer sign or renew long-term contracts.