The Financial Times (FT), earlier reported that the European Union plans to reduce Russian gas imports by up to two-thirds within twelve months.

Bloomberg quoted two EU officials who were familiar with the matter as saying that the plan will be presented Tuesday.

According to the UK Times, the prime minister also announced yesterday that his government was working on proposals to increase Britain's energy independence by increasing the use of renewable electricity and using "more of our own hydrocarbons in the North Sea."

Reaction of the market

The lack of important news from the Russia-Ukraine conflict front has made risk trades more attractive.

WTI is currently trading at 118.64 and is down on the daily, after reaching multi-year highs.