Crude oil prices fell amid a broader market selloff but news that Europe could soften sanctions on Russian oil also weighed on sentiment, Australia’s ANZ Bank said in a Tuesday note. The European Union has been struggling to garner support for the proposed Russian oil import ban and countries that are highly dependent on Russia are holding out for an extended phase-out, the bank noted. The bloc may cancel a proposal to ban vessels transporting Russian oil to third countries but could push through with prohibiting insurance on those shipments, according to a Bloomberg report. The G7 group of countries has vowed to ban Russian imports but acknowledged that orderly change is needed, ANZ Bank said. Weak demand from China took its toll on prices, while Saudi Arabia cut prices for Asian crude oil buyers on lower consumption due to the COVID-19 lockdowns in China, the bank said. Still, China’s crude oil imports grew in April as refiners took advantage of steep discounts for Russian supplies. NN: Anyway it goes Russia oil and gas will not be coming to market at the same levels as today. The expertise and investment has left. No spares and formidable obstetricals to supplying their customers. And All the wishing and declarations can not make oil that is not their magically appear. Their is not enough oil to meet demand and prices will double from here.