By Ahmad Ghaddar
LONDON, March 25 (Reuters) – Oil fell on Friday amid easing supply concerns after exports from Kazakhstan’s CPC crude terminal partially resumed, while the European Union remained divided over the Possibility of applying a Crude embargo to Russia.
* Brent crude futures were down 1.29, or 1.1%, at $117.74 a barrel by 1140 GMT, while US WTI crude futures were down $1.80, or 1.6%, at $110.54 a barrel.
* The two contracts yielded and 2% in the previous session.
* Despite recent declines, both benchmarks are headed for their first weekly gain in three weeks. Brent was on track for a 9% jump and WTI for a 6% advance as supply concerns remain a top issue for investors, given the war in Ukraine that has triggered tough sanctions against Russia. .
* Concerns intensified this week when the Caspian Pipeline Consortium (CPC) terminal on Russia’s Black Sea coast halted exports after being damaged by a storm.
* The terminal partially resumed oil loadings on Friday, according to two sources familiar with the process and Eikon shipping data from Refinitiv.
* The United States and Britain, both less dependent on Russian oil than the European Union, have imposed bans on Russian hydrocarbons. The EU, which is heavily dependent on Russian oil and gas, faces a major dilemma over whether to impose sanctions on the sector.
* “As the single largest buyer of Russian oil, the faster Europe seeks to reduce imports from Russia, the more global oil prices will rise,” JP Morgan analysts said in a note sent to clients.
* OPEC sources said officials at the producer group believe a possible EU ban on Russian crude would hurt consumers. The bloc reportedly conveyed this fear to the EU leaders meeting in Brussels.
(Reporting by Ahmad Ghaddar. Additional reporting by Sonali Paul and Isabel Kua. Editing in Spanish by Marion Giraldo)