“Oil prices fell amid expectations that US President-elect Donald Trump could ease restrictions on Russia’s energy sector in exchange for a deal to end the war in Ukraine.”, — write: epravda.com.ua
Oil prices fell on expectations that US President-elect Donald Trump could ease curbs on Russia’s energy sector in exchange for a deal to end the war in Ukraine, easing fears of supply disruptions due to increased sanctions. This is reported by the Reuters agency. Brent crude futures were down 16 cents, or 0.2%, at $80.63 a barrel, after falling 0.62% in the previous session. The more active West Texas Intermediate (WTI) crude contract for April delivery fell 6 cents to $77.33 a barrel. The current one-month contract, which expires on Tuesday, rose 15 cents, or 0.19%, to $78.03 a barrel, after falling 1.02% on Friday. Trump, who will be sworn in for a second term today, is expected to announce a series of policy initiatives in the first hours of his inauguration, including lifting a moratorium on U.S. liquefied natural gas export licenses — part of a broader strategy to boost the economy. “There is significant uncertainty in markets this week due to the inauguration of President Trump and a number of executive orders he is reportedly planning to sign,” ING analysts said in a note. may decide to reduce risks.” Both oil contracts rose more than 1% last week, extending gains for a fourth straight week, after the Biden administration imposed sanctions on more than 100 tankers and two Russian oil companies. This has sparked frenetic demand from China and India for urgent oil shipments and the search for sanctions-free tankers to carry Russian and Iranian oil. While the new sanctions could affect supplies of about 1 million barrels a day from Russia, further price gains could be short-lived, depending on Trump’s actions, ANZ analysts said in a note to clients. Trump has promised a quick end to the war between Russia and Ukraine, which could include easing some restrictions to reach a deal, they added. Analyst Tim Evans said the new sanctions would likely reduce supply, at least in the short term. We will remind: the Office of the Control of Foreign Assets of the US Treasury Department introduced sanctions against the two largest oil companies of the Russian Federation, Gazprom Neft and Surgutneftegaz, as well as ship insurance providers Ingosstrakh and Alfastrahovanie. According to the Financial Times, the measures include blacklisting 183 “shadow fleet” vessels involved in the export of energy resources from Russia. India is set to ditch oil tankers that have been sanctioned by the US over their role in transporting cargo for Russia, another example of the impact of Washington’s measures on the global oil market. Three tankers with more than 2 million barrels of Russian oil are floating in the waters off eastern China and cannot be shipped after the United States imposed new sanctions on Russia’s largest oil companies on Friday, January 10. At least 65 oil tankers have anchored in various locations, including off the coasts of China and Russia, since the United States announced a new package of sanctions on January 10. Russian oil exports by sea may decline in the coming weeks after the US introduced measures against Russia’s two biggest exporters and about 160 shadow fleet tankers.