Crude oil prices gave up early gains to turn lower on Tuesday after reports emerged that European Union foreign ministers are split on whether to join the United States in banning Russian oil.
Brent crude futures dropped 1.4 percent to $113.88 per barrel, while WTI futures were down 1.9 percent at $107.86.
Targeting Russian energy exports is a divisive choice for the 27-nation EU, which relies on Russia for 40 percent of its gas.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.