Oil Prices Settle At $120 As Fears Of A Russian Crude Ban Remain

Oil prices retreated after having hit more than $130 per barrel on Sunday evening as markets panicked over a possible embargo of Russian crude oil. The United States and its European allies are discussing a ban on Russian oil imports in the latest attempt to punish Moscow for its incursion in Ukraine. Europe is heavily dependent on Russian gas and a bit less dependent on its crude, but, according to unnamed sources close to the talks, European governments have become more willing to sanction crude exports, Reuters reported earlier today. "We are…