Global oil markets are still trying to find a floor as oil prices are increasingly volatile. The EU’s expected ban on Russian oil imports, which will be put in place on December 5 is likely to shake up fundamentals. While the EU countries are looking to wean themselves off Russian crude, the appetite EU trading firms have for Russian oil remains undiminished. Bloomberg reported that Europe has been importing around 1 million bpd in the week ending September 2. The number is substantially higher than the 800,000 bpd average in August.…
