[You must be registered and logged in to see this image.] 04/08/2022
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Oil prices settled lower on Friday, adding to weekly losses due to uncertainty over the euro zone's ability to impose effective sanctions on Russia's energy exports, and after consuming nations announced massive oil withdrawals from emergency reserves.
Prices were also pressured by concerns that the shutdown in China due to a new wave of Covid-19 would slow the recovery of oil demand.
Brent crude futures fell 49 cents, or 0.5 percent, to settle at $100.58 a barrel, while US West Texas Intermediate crude fell 20 cents, or 0.6 percent, to settle at $96.03 a barrel. In the previous session, both benchmarks fell more than five percent to their lowest closing levels since March 16.
EU foreign policy chief Josep Borrell told a NATO meeting that new measures taken by the bloc, including a ban on Russian coal, could be approved at the NATO meeting and that the bloc would discuss an oil embargo next time.
In China, the virus outbreak has led to widespread lockdowns in Shanghai, its most populous city.
Meanwhile, member states of the International Energy Agency agreed on Wednesday to withdraw 60 million barrels, on top of the 180 million that the United States announced last week to help lower fuel prices.
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