Despite the Decline, This is the First Oil Increase in Three Weeks!


 Black commodities traded flat over the weekend as the United States and allies considered releasing more oil from reserves into the market.

During early European session trading, Brent crude futures traded steady at $ 118 a barrel, after declining around 2.1% the previous session.

Meanwhile, US WTI traded positive at $ 112 a barrel following a 2.3% decline previously.

The black gold had previously declined after French President Emmanuel Macron’s announcement that there was no decision on penalties on Russian oil, gas and coal.

This somewhat alleviates investors ’concerns if the EU takes drastic action to restrict Russian imports immediately as it is heavily dependent on 40% of the country’s gas.

Despite the decline, but both benchmarks are now on track for their first weekly rise in three weeks.

Meanwhile, to help the European Union (EU) reduce its dependence on Russian imports, America is offering to supply Europe with more liquefied natural gas (LNG) to Europe.

Separately, OPEC sources say that officials believe the possibility of EU sanctions on Russian oil will hurt consumers and the group has conveyed its concerns to Brussels.