by Laura Sanicola
(Reuters) – Oil closed lower on Thursday, adding to weekly losses on uncertainty that the euro zone will be able to effectively sanction Russian energy exports.
In addition, consuming countries have announced a major release of oil from emergency reserves.
Prices were also pressured by fears that lockdowns in China, due to a new wave of Covid-19, would slow the recovery in oil demand.
Brent crude futures fell 49 cents, or 0.5%, to close at $100.58 a barrel, while U.S. crude oil (WTI) futures dipped 20 cents, or 0.6%, to close at $96.03 a barrel.
In the previous session, both benchmarks dropped more than 5% to their lowest closing levels since March 16.
Top European Union diplomat Josep Borrell told a NATO meeting that new EU measures, including a ban on Russian coal, could be passed on Thursday or Friday, and the bloc would discuss an oil embargo next.
(Additional reporting by Ahmad Ghaddar in London, Sonali Paul in Melbourne and Muyu Xu in Beijing)
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