- Europe dropped the idea of banning Russian supply
- United States spoke of another coordinated release from its reserves and those of its allies to ease the oil deficit heightened by the month-long Russian-Ukraine war.
- Crude prices fell after the European Union did not agree on a plan to boycott Russian oil. But EU leaders also said they would not comply with Moscow's demand to buy oil and gas using rubles.
- The United States and its allies, meanwhile, discussed a possible further coordinated release of oil from their releases, after the 60-million barrel release announced earlier this month.
"With respect to the emergency stockpiles, these are ongoing discussions and all those tools are certainly on the table," U.S. Energy Secretary Jennifer Granholm said during a news conference at the International Energy Agency in Paris
Following Putin’s invasion of Ukraine, the member countries of the governing board of the IEA agreed to release 60 million barrels of oil from their emergency reserves “to send a unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine.”
IEA members hold emergency stockpiles of 1.5 billion barrels. The announcement of an initial release of 60 million barrels, or 4 percent of those stockpiles, is equivalent to 2 million barrels a day for 30 days, the IEA said in early March.
The sanctions against Russia and the “self-sanctioning” of many European buyers are estimated to remove around 3 million barrels per day (bpd) of Russian oil supply beginning in April, the IEA warned last week.
WTI Crude return after the High of 116.64$ trading around 112$. It has taken a DIP on the basis of the above news
At this price Crude will make a Buy Position @ 109.70$ with risk only below 108 will take a dip till 105$.