On Tuesday, Oil prices had reported after a jump in the prior session, as traders are weighing the prospect of a European Union (EU) ban on imports of Russian oil.

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The West Texas Intermediate (WTI) for April delivery lost 36 cents, or 0.3 per cent, to settle at 111.76 dollars a barrel on the New York Mercantile Exchange on its expiration day. Brent crude for May delivery decreased 14 cents, or 0.1 per cent, to close at 115.48 dollars a barrel on the London ICE Futures Exchange.

On Monday, both the WTI and global crude standard jumped 7.1 per cent following reports of growing calls within the EU for a ban on Russian oil imports.