Oil is taking a beating today with WTI crude now down to $102.42, a nearly $7 decline.
The latest sources report says the EU will impose new sanctions on Rosneft, transneft, Gazprom Neft and will block investments in fossil fuels.
The new package will freeze funding from sources in the EU for new production and exploration however member states insist that new measures wouldn't prevent oil purchases.
Oil dipped on the headlines in large part because supply won't be broken but I don't think that's a supply. It will be interesting to see how Russian oil investment impacts production in the long term. The sanctions on Venezuela wrecked its oil industry but Russia has access to much larger industry domestically and via China.
