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Oil Little Changed as EU Stalemate on Russian Embargo Deepens

  • EU impasse seen extending into next month as Hungary digs in
  • IEA and India issue warnings on danger of high fuel prices
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WATCH: IEA Executive Director Fatih Birol says oil prices could climb further, increasing the threat to the global economy.Source: Bloomberg
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Oil barely budged from last week’s close as the European Union’s proposed ban on Russian oil looked increasingly unlikely to pass when the bloc’s leaders meet next week. 

West Texas Intermediate settled one cent higher than its close on Friday, shedding gains of as much as 1.5% earlier in the session. The EU’s proposal to phase out Russian oil has reached an apparent impasse. The government of Hungarian Prime Minister Viktor Orban is signaling that any progress on the talks will likely slip to next month at the earliest, according to people who asked for anonymity.