Oil levels are offset by Russia’s sanctions over the Corona virus

Storage tanks found on March 29, 2022 at the Petroineos Ineos Petroleum Refinery in Lavera, France. REUTERS / Benoit Tessier

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NEW YORK, April 5 (Reuters) – Oil prices remained volatile on Tuesday as concerns over the destruction of corona virus demand eased supply concerns as the United States and Europe plan to impose a new ban on Russia for alleged war crimes in Ukraine.

At 10:51 am ETT (1451 GMT) Brent futures were down 36 cents or 0.3% at $ 107.17 a barrel, while US West Texas Intermediate (WTI) crude was down 54 cents or 0.5% at $ 102.74.

Despite growing anger over the city’s segregation rules, Chinese officials have extended the lockdown in Shanghai to include the financial center’s 26 million people, with the latest results showing only 268 symptom daily COVID-19 cases. read more

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In the United States, the Johns Hopkins Corona Virus Resource Center reported on Monday that the number of new deaths was 14,562 more than Mizuho Managing Director Robert Yawker said, adding that the total U.S. death toll from the start would be more than 1 million. Infectious.

Johns Hopkins officials were not immediately available for comment. The previous U.S. daily record for deaths was 4,442, Joger said.

Meanwhile, Western nations are planning new sanctions against Russia over civilian killings in Ukraine, with President Joe Biden’s national security adviser saying new US sanctions against Moscow will be announced this week. read more

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The European Union on Tuesday proposed new sanctions against Russia, including a ban on coal imports. read more

Oil and gas will be banned following a ban on coal, said German Foreign Minister Annalena Berbach.

Moscow, meanwhile, has accused Western forces of committing war crimes by massacring civilians in the Ukrainian city of Pucha, calling it a “heinous fraud” aimed at discrediting the Russian military. read more

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Additional report by Bozorgmehr Sharafedin in London, Liz Hampton in Denver and Isabel Kua in Singapore; Editing by Marguerite Choi and Mark Porter

Our standards: Thomson Reuters Trust Principles.

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