By Gina Lee

Investing.com – Oil was down on Tuesday morning in Asia, extending its gains from the previous session. As the week started, the European Union continued to intensify sanctions against Russia. Germany stated that it is ready to support an immediate oil embargo.

Germany is Russia’s biggest energy customer, and the stance could rob Moscow of a large revenue stream within days.

The price dropped by 0.19% from $107.38 at 1:12 AM ET (5:12 PM GMT) and 0.59% to $104.97.

Stephen Innes of SPI Asset Management, managing partner, said that crude prices rose after Germany’s economy minister made comments about the EU’s plans to ban Russian imports.

It is likely that the European Commission will finish work today on a sanctions against Russia. The sanctions, the latest in response to Russia’s invasion of Ukraine on Feb. 24, will include a ban on buying Russian oil. Two EU officials stated Monday that the embargo could save Hungary and Slovakia who are both heavily dependent upon Russian oil.

The tightening market drove up fuel demand, which in turn led to a boost of both Brent and WTI benchmarks.

According to ANZ Research, record exports from U.S. Gulf have impacted supplies to U.S. markets.

Vortexa Analytics estimates that approximately 2 million barrels per hour of diesel, gasoline and jet fuel were exported by U.S. Gulf oil refineries between April 2022 and April 2022. This, according to Vortexa Analytics. It also led to a widening of diesel crack to $73.50 per bar, the highest price since 1986.

Investors are now waiting for, which is due late in the afternoon.