Oil prices fell slightly in Asian trade today after Hungary opposed attempts by the European Union to ban Russian oil imports, which would reduce global supplies, Reuters reported.

At the same time, investors have accumulated profits after the rise in quotations recently.



The Brent variety, which is the reference for Europe, lost 11 cents or 0.1 percent and fell to 114.13 dollars per barrel. 

US light crude fell 22 cents, or 0.2 percent, to $ 113.98 a barrel.

The EU has not agreed on new sanctions against Russia

Both reference varieties rose by more than 2 percent yesterday after Friday's jump of 4 percent.

EU foreign ministers yesterday failed to push pressure on Budapest to lift its veto over a proposed embargo on Russia following the invasion of Ukraine.

Such an embargo requires the unanimous approval of all EU member states.

In terms of supply, US producers are increasing production to replenish reserves that have dwindled in the context of the war in Ukraine and the recovery from the KOVID-19 pandemic.

Production in Texas and New Mexico, the largest shale oil producers, is expected to grow by 88,000 barrels per day to a record 5.219 million barrels per day in June, the Energy Information Office said yesterday.

However, the price sentiment remains optimistic amid expectations of boosting demand in China, where restrictions on KOVID-19 are beginning to weaken after hitting the country's economy hard.

Further boosting prices has been fueled by growing EU-Russia geopolitical tensions over Sweden's and Finland's desire to join NATO, said CMC Markets analyst Tina Ton.

According to her, this could provoke a backlash from Russia and further reduce gas supplies.