Oil Prices Decline Amid EU's Push for Russian Import Ban

According to Reuters, oil prices fell as Hungary resisted a European effort to ban Russian oil imports, a move that could lead to a decrease in global supplies, along with investors taking profits after a recent surge. Brent crude futures dropped by 22 cents, or 0.2%, to $114.02 per barrel by 0327 GMT. West Texas Intermediate crude futures fell by 35 cents, or 0.3%, to $113.85 per barrel. Both benchmarks had risen by more than 2% the previous day following a 4% jump on Friday. European Union foreign ministers failed yesterday in their efforts to pressure Budapest to change its stance against proposing an oil embargo on Russia following its operation in Ukraine. Passing this proposal requires the approval of all EU member states.