Oil prices give up overnight gains after US bans import of Russian crude

Oil prices turned lower Wednesday morning, following President Biden's ban on imports of Russian crude.

U.S. crude rose more than 2% during overnight hours before giving back gains.

U.S. West Texas Intermediate (WTI) crude futures were down $1.73 at $121.80 a barrel, after surging 3.6% on Tuesday.

Brent futures were fell $1.54 at $126.46 a barrel, after jumping 3.9% the previous day.

Americans will feel pain, too — at the gas pump - Biden acknowledged, declaring, "Defending freedom is going to cost."
 
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