Oil Slides Near 2% As EU Fails to Boycott Russian Crude

• Crude prices slid nearly 2% on Thursday after the European Union (EU) did not agree on a plan to boycott Russian oil and as the United States and its allies discussed a possible further coordinated release of oil from storage. 
• While the EU did not agree to the boycott, Russia's invasion of Ukraine on Feb. 24 has prompted a pledge by the Union to slash reliance on Russian fossil fuels by hiking imports from other countries and quickly expanding renewable energy. 
• Brent futures fell $1.98, or 1.7%, to $119.62 a barrel by 1:38 p.m. EDT (1738 GMT). U.S. West Texas Intermediate (WTI) crude fell $2.00, or 1.7%, to $112.93. On Wednesday, both benchmarks closed at their highest since March 8.

(Source: Reuters)