However, the looming possibility of a EU ban on Russian oil imports has been supporting prices
London — Oil prices fell on Thursday, following earlier gains, on concern that high fuel prices could hurt economic growth. However, planned easing of restrictions in Shanghai and a tight supply outlook capped losses.
Heavy falls on European and Asian stock markets followed Wall Street’s worst day since mid-2020, as stark warnings from some of the world's biggest retailers underscored just how hard inflation is biting.This month the EU proposed a new package of sanctions against Russia for its invasion of Ukraine, which Moscow calls a “special military operation”.
Russian Deputy Prime Minister Alexander Novak said on Thursday that Moscow would send any oil rejected by European countries to Asia and other regions. On Wednesday, the European Commission unveiled a €210bn plan for Europe to end its reliance on Russian fossil fuels by 2027, and to use the pivot away from Moscow to quicken its transition to green energy.
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