War Crimes In Ukraine Bring The EU Closer To Full Russian Oil Ban

Crude oil prices have continued to move over a wide range, with a weakening trend last week reversed this week by renewed EU momentum towards sanctions on Russian oil.  Last week, Crude oil prices posted their biggest one-week loss in nearly two years, thanks to an apparent breakthrough in peace talks between Russia and Ukraine. Front-month U.S. WTI crude (CL1:COM) plunged 12.8% to $99.27/bbl and while Brent (CO1:COM) fell 11.1% to $104.39/bbl, the biggest weekly percentage decline for both benchmarks since late April 2020. Previously, European…