Oil prices ease as EU struggles to seal Russia import ban – Reuters.com

Oil prices ease as EU struggles to seal Russia import ban – Reuters.com

TOKYO, May 17 (Reuters) - Oil prices eased on Tuesday as Hungary resisted a European Union push for a ban on Russian oil imports, a move that would tighten global supply, and as investors took profits following a recent rally.

Brent crude futures fell 22 cents, or 0.2%, to $114.02 a barrel by 0327 GMT, while U.S. West Texas Intermediate (WTI) crude futures slid 35 cents, or 0.3%, to $113.85 a barrel. Both benchmarks gained more than 2% on Monday, following a 4% jump on Friday.

EU foreign ministers failed on Monday in their effort to pressure Budapest to lift its veto of a proposed oil embargo on Russia following the country's invasion of Ukraine. An embargo would require approval from all EU nations. read more