Oil prices slightly down despite German support for Russian oil ban

By Zeynep Beyza Kilic

ANKARA (AA) - After a stormy session on Monday, oil prices on Tuesday held some ground as Germany announced support for a ban on Russian oil imports.

International benchmark Brent crude cost $107.11 per barrel at 1230 GMT for a 0.44% loss after closing the previous session at $107.58 a barrel.

American benchmark West Texas Intermediate (WTI) traded at $104.72 per barrel at the same time for a 0.43% drop after the previous session closed at $105.17 a barrel.

Oil prices dropped to as low as $103.12 on Monday pushed by slow economic growth concerns in China, the world's biggest oil importer, due to COVID-19 pandemic.

Prices regained some losses on Tuesday as Germany said it is ready to support a European ban on imports of Russian oil.

"Germany stands ready for new sanctions, including an oil embargo," German Finance Minister Christian Lindner said.

New sanctions on Russia by the EU are under way. The EU energy ministers discussed the possibility of a gradual embargo on Russian oil imports during a meeting on Monday.

The European Commission is expected to propose a new package of EU sanctions this week, including an embargo on imports of Russian oil.

Meanwhile, investors are awaiting US crude oil supply data from the American Petroleum Institute later in the day.