(Bloomberg). Oil prices fell as investors considered the risks of oil shortages from the conflict in Ukraine. President Joe Biden will address the issue on his trip to Brussels, where he may make moves to reduce dependence on Russian energy.

The West Texas Intermediate was lower in Asian early trading. On Wednesday, May futures increased more than 5 percent after U.S. stockpiles dropped and an export terminal in the Black Sea halted loadings due to severe weather. The Biden administration and European Union are close to a deal aimed at slashing the region’s dependence on Russian energy, although that drive may focus primarily on .

In Asia, meanwhile, China’s worst coronavirus outbreak since the start of the pandemic has led to some refiners cutting back operations, with analysts rethinking their demand estimates as strict lockdowns curb consumption.

Oil has rallied more than 50% this year, hitting the highest level since 2008 earlier this month, as Russia’s invasion of Ukraine threw global commodity markets into turmoil. While the U.S. and U.K. have already moved to bar flows of Russian crude, there’s greater reluctance among EU members to follow suit given the region’s dependence. Trafigura Group has predicted that crude oil prices will continue rising and could reach $150 a barrel this week, according to their forecast.

Markets for oil remain backwardated. This bullish pattern is marked by short-term prices trading over longer-dated ones. Brent’s prompt spread — the difference between its two nearest contracts — was $3.85 a barrel on Wednesday, up from 41 cents at the start of the year.

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