Brent Oil around $107 as Oil Supplies Unaffected

Brent and U.S. crude edged lower in choppy trading on Tuesday as oil supplies remained unaffected by continuing violence in Iraq, Ukraine and Gaza.

European Union foreign ministers in Brussels have asked the European Commission to look at Russian defence, energy and financial services sectors when considering new sanctions against Russia, the world’s second-largest oil exporter, over the conflict in eastern Ukraine.

In the Middle East, violence raged as Israel pounded the Gaza Strip, pushing the Palestinian death toll to more than 500, while Israel’s losses mounted to 13.

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