**European Union officials are drafting the most contested measure yet to punish Russia for its invasion of Ukraine, an embargo on Russian oil products.**
**The bloc has long resisted a ban on Russian oil because of its enormous costs for Germany and its potential to disrupt politics around the region and increase energy prices....**
**The oil embargo would not be put up for negotiation among the E.U. member states until after the final round of the French elections, on April 24...** [end quote]
An investment adage goes, “Buy on the rumor, sell on the news.”
This is a heckuva rumor. The EU has 27 fractious democracies, each with its own internal politics and requirements. It will be hard to get them all to agree.
Oil and natgas are both up. XOM and CVX are up. FFGCX is up.