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Oil slides near 2% as European Union fails to boycott Russian crude

Without an EU embargo of Russian oil, Commerzbank analyst Carsten Fritsch said sanctions were unlikely to have a major impact on the oil market

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Reuters New York
Crude prices slid nearly 2% on Thursday after the European Union (EU) did not agree on a plan to boycott Russian oil and as the United States and its allies discussed a possible further coordinated release of oil from storage.

European Union leaders were set to agree at a two-day summit to jointly buy natural gas to cut reliance on Russian fuels.

Some said they would not comply with Moscow's demand to buy oil and gas using roubles.

Russia's invasion of Ukraine on Feb. 24 has prompted the EU to pledge to slash reliance on Russian fossil fuels by hiking imports from other

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First Published: Mar 24 2022 | 11:50 PM IST

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