Support for banning Russia oil is growing inside the EU, according to 'top diplomats' cited by the WSJ.
The report notes that a move is far from locked in and Germany remains reluctant to move forward and would only consider gradual restrictions if the situation in Ukraine deteriorates. Cutting of natural gas isn't up for consideration.
"A smaller group of member countries, including Poland and the Baltic states, have been pushing it, and there is now broader support among other members, diplomats say," according to the report.
WTI crude oil is up $5.55 to $110.24 today but is largely unmoved on this report.
Another report notes that in the period between March 15-20, about 2 million barrels per day of Russia crude isn't getting to market. That's about 2% of global supply and is a significant gap.
In the oil market, there is speculation that oil is trading on ships that aren't tracked, similar to Iran's oil.
