Oil demand concerns from China continue following the recent release of poor economic data. Reports that the European Union sanctioned 52 additional tankers largely shipping Russian crude offered some support for prices, ING’s commodity analysts Ewa Manthey and Warren Patterson note.

EU sanctions 52 additional tankers shipping Russian crude

“Oil prices are trading little changed this morning as demand concerns from China continue following the recent release of poor economic data.”

“ICE Brent was seen trading near US$74/bbl while NYMEX WTI was hovering just below US$71/bbl today. Meanwhile, reports that the European Union sanctioned 52 additional tankers largely shipping Russian crude offered some support for prices.”