European nations reluctant to cut off Putin, Russian oil
Emine Dzhaparova, Ukaine’s Foreign Affairs First Deputy Minister, joins ‘Varney & Co.’ to weigh in on Europe’s reluctance to ban Russian gas and oil.
Oil traded higher Wednesday morning, resuming an upward move following a 9% drop over the previous two sessions.
Supply concerns remain at the crux of the trade as the European Union worked on gaining support for a ban on Russian oil.
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U.S. West Texas Intermediate crude climbed $2.36, or 2.4%, to $102.14 a barrel.
Brent rose $2.44, or 2.4%, to $104.88 a barrel.
Oil prices have slumped this week on concerns about a slowdown in economic activity from prolonged COVID-19 curbs in China and U.S. interest rate hikes.