Oil price lower as EU looks less likely to ban Russian oil

Brent crude LCOc1fell 14 cents, or 0.2%, to settle at US$115.48 a barrel. U.S. West Texas Intermediate crude CLc1ended 36 cents, or 0.3%, lower at $111.76. On Monday, both contracts had settled up more than 7% on the potential EU ban.

NEW YORK: Oil edged lower on Tuesday after it looked unlikely that European Union nations would agree to join the United States in a Russian oil embargo in retaliation for its invasion of Ukraine.

EU foreign ministers were split on the ban as some countries, including Germany, say the bloc is too dependent on Russia's fossil fuels to withstand such a step. Read full story