Oil prices decline as Russian energy sector escapes EU ban

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Crude oil prices fell two-and-a-half percent on Friday as the European Union (EU) failed to evolve a consensus on imposing a blanket ban on the Russian energy sector.

As of 1240 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $2.97 (-2.50 percent) to reach 116.06 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, slipped to $109.51 a barrel, down by $2.83 (-2.52 percent). However, both contracts are set for their first weekly gains in three weeks, with Brent on track for a 10 percent jump and WTI on course for a 7 percent rise.—TLTP

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