Oil erases early losses as Europe avoids sanctions on Russian crude | Fin24

Oil pared losses after the European Union decided against sanctions on Russian oil

Oil pared losses after the European Union decided against sanctions on Russian oil.

Oil erased early losses after the European Union eschewed sanctions on Russian oil, and investors weighed the outlook for the dollar. The dollar held gains after jumping on Tuesday as investors digested the prospect of a swift reduction in the Federal Reserve’s debt holdings, part of stepped up monetary tightening to combat soaring inflation. A stronger currency typically makes commodities priced in the currency less attractive.

Investors are tracking a coronavirus outbreak in top oil importer China that’s hurting energy demand as cities including Shanghai have been placed under lockdown. The country reported more than 20,000 cases for Tuesday.

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