Crude oil retreated on Thursday afternoon as U.S. President Joe Biden prepared yet another round of sanctions on Russia in order to punish Russia for its earlier attack on Ukraine. In a White House presser, President Joe Biden recapped existing sanctions and announced new ones. The sanctions are purposefully designed, President Biden said, to maximize the long-term pain inflicted on Russia, while minimizing the pain felt by American consumers. And it’s not just the United States. President Biden said he met with the G7 leaders earlier…
