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Oil prices inched lower on Tuesday as Hungary resisted a European Union push for a ban on Russian oil imports, a move that would tighten global supply, with investors taking profits on a recent rally.
Brent crude futures fell 11 cents, or 0.1%, to $114.13 a barrel by 0602 GMT, and U.S. West Texas Intermediate (WTI) crude futures slid 22 cents, or 0.2%, to $113.98 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.
