Crude Oil (WTI) is pressured following geopolitical conflict | ICM.COM

WTI fell from Monday's high of around $111.90 and is trading at $109.46 in the Asian session as of writing. Oil prices are under downward pressure following EU's proposed ban on Russian oil which looks to be unconvincing. In the meantime, Russian oil continues to be exported, though the risk of price increase still remains. Traders will be looking for a fresh direction when Crude Oil Inventories data is released on Wednesday, and another meeting is scheduled next week by the bloc's leaders to further discuss the situation.