The European Commission on Wednesday proposed one of the most sweeping changes to global energy flows in history. But the oil price barely responded.
Brent, the international benchmark, rose 3.8 per cent to around $109 after the commission proposed a phased-in ban on all imports of Russian crude and refined products into the EU.
Traders and analysts said the muted price response reflected the long-build up to the announcement, the phased-in approach, suppressed oil demand in China due to a resurgence of coronavirus and the price-calming impact of petroleum releases by the US and its allies. Brent has hovered at $100-$115 a barrel since the start of April.
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