Oil Update — Crude eases; Russia revises offer for friendly nations

Oil Update — Crude eases; Russia revises offer for friendly nations

RIYADH: Oil prices eased on Wednesday, giving up earlier gains after China and Japan reported weak economic data, fueling concerns about growth and oil demand in the world’s top consumers. Brent crude futures were down 34 cents, or 0.3 percent, to $104.30 a barrel at 0501 GMT, while US West Texas Intermediate crude futures fell by 46 cents, or 0.5 percent, to $100.14 a barrel. Both contracts had surged more than 6 percent in the previous session. China’s crude oil imports slipped 14 percent from a year earlier, extending a two-month slide, as strict measures to curb the spread of COVID-19 impacted demand in the world’s top crude importer. Russian Energy Minister Nikolai Shulginov told Izvestia newspaper that Moscow is ready to sell oil and oil products to “friendly countries in any price range,” the Interfax news agency reported on Tuesday. Shulginov said crude prices in the range of $80 to $150 a barrel were, in principle, possible but said Moscow was more focused on ensuring the oil industry continues to function, Interfax said. The EU should impose an embargo on Russian oil as soon as possible, the chairmen of three German parliamentarian committees said on Tuesday after a visit