Oil prices made a U-turn and fell To about $ 115 a barrel, as European Union (EU) members disagreed on the possibility of oil sanctions on Russia, but supply concerns limited the decline.
The benchmark Brent crude futures last fell about 0.5 percent at around $ 115 a barrel after rising sharply to nearly $ 120 early Tuesday. On Monday, prices rose more than 7 percent.
Reuters reported that EU foreign ministers disagreed on whether and how to impose sanctions on Russia’s lucrative energy sector over its aggression on Ukraine, with Germany saying the bloc was too dependent on Russian oil to decide the embargo.
The EU and its allies have already imposed major measures against Russia, including freezing its central bank assets.
While oil prices have soared as potential for more severe supply disruptions have hit the market, news that EU members are uncertain has helped sentiment towards an already tight supply market.