Oil mixed as new Russian sanctions raise supply concerns

The US and its allies will oppose new sanctions on Moscow over ‘war crimes’ in Ukraine

The recent release of strategic oil supplies has, so far, failed to halt a climb in global oil prices. Picture: REUTERS/NICK OXFORD

US West Texas Intermediate futures fell 11c, or 0.1%, to $101.85 a barrel, after dipping to as low as $100.37 in an early trade. Proposed EU sanctions, which the bloc's 27 member states must approve, would ban buying Russian coal and prevent Russian ships from entering EU ports. Britain also urged G7 and Nato nations to agree to a timetable to phase out oil and gas imports from Russia.

US crude and distillate stocks rose last week while gasoline inventories dipped, according to market sources citing American Petroleum Institute figures on Tuesday.

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