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Oil falls to $125 on speculation U.S. Russia oil ban won’t worsen supply shock

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Reuters UK

By Alex Lawler LONDON (Reuters) -Oil fell to around $125 a barrel on Wednesday as some investors took the view that the U.S. ban on Russian oil may not worsen a supply shock and the head of the International Energy Agency said the agency could further tap oil stocks to ease prices. U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil. Talk that Ukraine was no longer seeking NATO membership after some news reports this week on the issue also weighed on prices, traders said. “Maybe this is playing its part,” said Tamas Varga of oil broker PVM of the Ukraine NATO membership…

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