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Home / Market Update / Commodities / Oil ends lower amid EU-Russia tensions

Oil ends lower amid EU-Russia tensions

Mohamed Abdelhamid 10 August, 2022 12:30 am Commodities

Oil futures ended session lower on Tuesday after attempts to make gains due to the energy related row between Moscow and Brussels.

The row referred to above was to give a push to oil, but US futures settled down at the end of today’s session because of inflation fears a day before US CPIs released.

The futures swung 20% in each direction before they close trading session at 90.60 USD per barrel versus 90.68 USD, which sheds light on a range-bounded status of oil. 

Russian network operator Transneft said Ukraine halted flows through the Druzhba pipeline toward Hungary, the Czech Republic and Slovakia on Aug. 4 as sanctions blocked payment of Moscow’s transit fee.      

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