Oil Settles Lower On Doubts About Russia Oil Sanctions

• Oil settled lower on Thursday, adding to weekly losses due to uncertainty that the eurozone will be able to effectively sanction Russian energy exports and after consuming nations announced a huge release of oil from emergency reserves. 
• Prices were also pressured by fears that lockdowns in China due to a new wave of COVID-19 would slow the recovery in oil demand. 
• Brent crude futures fell 49 cents, or 0.5%, to settle at $100.58 a barrel while U.S. West Texas Intermediate (WTI) crude fell 20 cents, or 0.6%, to settle at $96.03 a barrel. In the previous session, both benchmarks plunged more than 5% to their lowest closing levels since March 16. 
• The European Union's top diplomat, Josep Borrell, told a NATO meeting that new EU measures, including a ban on Russian coal, could be passed on Thursday or Friday and the bloc would discuss an oil embargo next. However, the coal ban would take full effect from mid-August, a month later than initially planned.

(Source: Reuters)