Demand concerns are a driver for oil prices amid continued lockdowns in the Middle Kingdom. However, the prospect of the EU banning Russian crude has once again shifted focus toward the ever-present supply risks.

In weekend news, the European Union is reported to be set to propose a ban on Russian oil by the end of the year, with restrictions on imports introduced gradually until then, according to people familiar with the matter.

The EU will also push for more banks from Russia and Belarus to be cut off from the international payment system SWIFT, including Sberbank, and a decision could be made as soon as this week at a meeting of the bloc’s ambassadors.