Crude oil futures settled lower May 17 as supply concerns eased following reports the EU could move away from a full embargo on Russian oil imports. NYMEX June WTI settled down ff1.80 at ff112.40/b and ICE July Brent declined ff2.31 to ff111.93/b. Supply outlooks remained in limbo as EU member states debate a potential ban on Russian oil imports. EU foreign ministers met May 16 in Brussels to discuss its sixth round of Russian sanctions, but Hungary has refused to agree to an embargo on Russian oil.
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