Crude Oil Hovers Below Recent High

Crude Oil : WTI crude futures bottomed near the $108-per-barrel mark, having touched an over two-week high of around $109 earlier this session, as investors weighed a looming EU ban on Russian oil against a weakening demand backdrop.

The EU has proposed an embargo on Russian crude in six months and refined products by the end of the year. The proposal also included a ban on all shipping, brokerage, insurance, and financing services offered by EU companies to transport Russian oil in a month.

However, prospects of weak global demand, particularly from top consumer China due to renewed coronavirus-induced lockdowns, capped some upside momenta.

Meanwhile, investors look ahead to an OPEC+ meeting later today, where it is expected to stick to plans for a gradual ramp-up of monthly production.