Crude oil trade remained strong at a 14 -year high as the United States considered restricting oil imports from Russia in response to an attack on Ukraine.
However, the move is reported to only involve Washington and not an alliance with its other allies in Europe. This is in direct action, somewhat alleviating concerns over wider supply disruptions.
During the Asian session, Brent crude futures traded steady at $ 126 a barrel, while US WTI trades traded little changed at $ 121 a barrel.
Meanwhile, the European Union (EU) is reportedly working to reduce its dependence on gas, oil and coal imports from Russia in stages by accelerating the development of renewable energy sources.
The escalating conflict between Russia and Ukraine has led to several economic sanctions being dropped against Moscow including the energy sector.
This caused crude oil and gas prices to soar due to concerns over world energy supplies would be affected amid a strong recovery in demand from the Covid-19 pandemic.
Russia exports about 7 million barrels a day of crude products and oil to the world.
If all Russian oil exports are blocked from global markets, analysts say prices could jump to $ 200 a barrel, while Russia’s deputy prime minister said oil could jump to more than $ 300.
