“Oil futures eased from their highest levels in several weeks as investors awaited a Federal Reserve meeting later this week for further rate cuts.”, — write: epravda.com.ua
Oil futures eased from their highest levels in several weeks as investors awaited a Federal Reserve meeting later this week for further rate cuts. Reuters writes about it. Brent crude futures were down 21 cents, or 0.3%, at $74.28 a barrel after hitting their highest level since Nov. 22 on Friday. However, the fall was limited by fears of oil supply disruptions if new U.S. sanctions are imposed on key suppliers Russia and Iran.Advertisement: U.S. West Texas Intermediate crude fell 30 cents, or 0.4%, to $70.99 a barrel. a barrel after hitting its highest level since Nov. 7 in the previous session. Oil prices were supported by new EU sanctions on Russian oil last week and expectations of increased sanctions on Iranian supplies, IG market analyst Tony Sycamore said in a note. U.S. Treasury Secretary Janet Yellen told Reuters on Friday that the U.S. is considering further sanctions against “dark navy” tankers and is not ruling out sanctions against Chinese banks as they seek to reduce Russia’s oil revenues and limit access to foreign supplies. to support the war in Ukraine.Advertisement: New US sanctions against companies trading in Iranian oil have already caused oil prices, which is sold to China, have risen to the highest level in recent years. The new Trump administration is expected to increase pressure on Iran. To remind: the Russian state oil company “Rosneft” has agreed to supply almost 500,000 barrels per day (b/d) of oil to the Indian private oil refinery Reliance as part of the largest ever energy agreement between the two countries.