The EU's oil embargo on Russia is uncertain, and oil closed up at $100

It rose 0.
16% to close at $97.
16 per barrel late on Thursday (April 7), falling as low as $93.
81 during the session, a new low
since March 16.
Earlier, the International Energy Agency (IEA) announced the details of the 120 million barrel oil release plan, the United Kingdom will release 4.
41 million barrels of crude oil reserves, Germany will release 6.
48 million barrels of crude oil reserves, France will release 6.
05 million barrels of crude oil reserves, causing oil prices to fall to a three-week low
.

(Four-hour chart of oil distribution)

The EU agreed to ban coal imports from Russia, the first action
the EU has taken in response to Moscow's key energy revenues, according to people familiar with the matter.
EU diplomats signed a sanctions package on Thursday that also includes banning most Russian trucks and boats from entering the bloc, which has coordinated
with the United States and Britain.
Previously, the EU did not impose sanctions
on the Russian energy industry due to Germany and Hungary's dependence on Russian fossil fuels.

Some member states continue to push for further measures, particularly for Russian energy imports and oil, and these countries will discuss ideas such as the creation of an escrow account to freeze additional profits
from the rise in oil prices since the beginning of the conflict.
Josep Borrell, vice president of the European Commission and high representative for foreign affairs and security policy, said at a NATO meeting that the next step would be to discuss the oil embargo
.

Bob Yawger, head of Mizuho Energy Futures, said: "No one wants to endure the pain of sanctioning the Russian energy sector, which brings support
to the market.
John Kilduff, partner at Again Capital LLC, said: "The demand situation in Asia's oil-consuming countries doesn't look really good, especially with
so much new supply in the market.
”

At the same time, the US House of Representatives passed a bill banning US imports of oil, gas and coal from Russia and sent it to President Biden for signature
.
The bill passed by a 413-9 vote in the House of Representatives; Earlier Thursday, the Senate voted unanimously to pass the bill
by a 100-0 vote.
Once Biden signs it, the order he issued last month will become law
.
Congress also passed legislation on Thursday to revoke the normal trade relations status of Russia and Belarus, allowing the United States to impose steep tariffs
on goods from Russia and Belarus.
Including crude oil and all other petroleum products, Russia accounted for about
8% of U.
S.
oil imports in 2021, according to the U.
S.
Energy Information Administration.

A TD Securities research note wrote: "The oil spot market is showing signs of weakness under the blow of the massive release of the Strategic Petroleum Reserve (SPR) by the United States and its allies, but energy supply risks may still rise
.
In addition, sanctions against Russia continue to affect Russian oil exports, highlighted by record discounts on the trading price of Urals crude
.
As the European Commission continues to debate how to deal with Russian oil, upside risks to energy prices remain significant
.
The Russia-Ukraine conflict has further pushed up the transaction costs of energy products around the world, bringing more frictional costs to commodity traders, and becoming a hidden worry
about energy supply risks.

Russian Deputy Prime Minister Alexander Novak said Russia's oil production in April could fall by 4%-5% from March, due to insurance and vessel use issues
.
Global oil demand is rising, and oil prices reflect the current situation
.
There are no major problems
in the oil market.
The International Energy Agency expects Russia's oil production to fall by a quarter this month and a huge shortfall
of 3 million barrels per day in global energy supplies.
The use of emergency reserves will go some way towards filling this gap
.
According to IEA data, there are only 568.
3 million barrels left in U.
S.
crude oil reserves, the lowest level
since May 2002.
If 180 million barrels of crude oil were released as planned, U.
S.
strategic reserves would fall to their lowest level
since 1984.