The bloc’s eighth round of sanctions state that if a tanker owner transports Russian crude above an agreed price threshold, their ship would be prohibited from getting EU services needed to ship the commodity, such as insurance, “in the future.”

The UAE has expressed support for the statement by the Ministry of Foreign Affairs of the Kingdom of Saudi Arabia regarding reviewing the status of oil markets and reducing production, noting that the decision was collective and based on the vote of OPEC+.

Going by big-ticket announcements of exits from coal in the last few weeks, sentiment in Australia is tilting toward those opposed to coal consumption, but market sources believe in the absence of replacement electricity generation sources, the closure of coal plants will inflate consumer power prices.

Brent eased by 7 cents, or 0.08%, to $91.55 a barrel, WTI were down 12 cents, or 0.14%, at $85.34.

Benchmark futures dropped as much as 10.1% to 115 euros per megawatt-hour, the lowest intraday level since mid-June.

Brent rose 81 cents, or 0.88%, to $92.44 a barrel, WTI was at $86.33 a barrel.

The EU has already asked members to voluntarily reduce gas demand by 15%, and Energy Commissioner Kadri Simson has said a plan is under consideration to make the cut mandatory.

U.S. Rig Count is up 7 from last week to 769, Canada Rig Count is up 1 from last week to 216.

U.S. commercial crude oil inventories increased by 9.9 million barrels to 439.1 million barrels.

Brent rose 49 cents, or 0.5%, to $92.94 a barrel , WTI was up 37 cents, or 0.4%, at $87.64 a barrel.

Global oil demand for 2022 is now expected to grow by about 2.6 mb/d.

The Brent crude oil spot price averages $93 per barrel (b) in the fourth quarter of 2022 (4Q22) and $95/b in 2023.

Traders are on edge with Russian President Vladimir Putin saying any energy infrastructure in the world is at risk after the Nord Stream explosions, which he said benefited the US, Ukraine and Poland.

Brent were down 2 cents, or 0.02%, to $94.27 a barrel, WTI was at $89.14 a barrel, down 21 cents, or 0.24%.

European authorities are on high alert for any signs of sabotage on energy infrastructure since the destruction of the Nord Stream gas pipelines last month.