Wednesday, December 6, 2023

Oil prices were stable after Russia eased its ban on fuel exports

Oil prices were steady on Monday after Russia eased its ban on gasoline sales, putting pressure on a market trading in gains driven by tighter supply prospects. and be careful with interest rates.

* Brent crude futures rose 17 cents, or 0.18%, to $93.44 a barrel by 1133 GMT, after falling 3 cents on Friday. US West Texas Intermediate crude rose 7 cents, or 0.08%, to $90.10.

* Russia approved some changes to the ban on fuel exports, lifting restrictions on fuel used to refuel some ships and high-sulfur diesel, a document on government on Monday.

* The ban on all types of high-quality petrol and diesel, announced on Thursday, remains in effect.

* “The market continues to digest Russia’s temporary ban on diesel and gasoline exports in an already tense market, offset by the Federal Reserve’s tight message that rates will remain higher for longer,” said Tony Sycamore, analyst at IG Markets.

* Crude oil prices fell last week after a hawkish Federal Reserve rattled global financial markets and raised concerns about oil demand. A three-week rally of more than 10% was snapped after Saudi Arabia and Russia curbed supply by extending production cuts until the end of the year.

* Last week, Moscow temporarily banned gasoline and diesel exports to most countries to shore up the domestic market, fueling concerns about product shortages as the global north heads into recession. in the winter.

* In the United States, the number of oil rigs operating fell by eight to 507 last week, the lowest number since February 2022, despite rising prices, a weekly report from Baker Hughes showed. on Friday.

* Adding to supply constraints, U.S. oil refineries are expected to take nearly 1.7 million barrels per day (bpd) of capacity offline for the week ending Sept. 29, slowing refining capacity. . is at 324,000 bpd, research firm IIR Energy said Monday.

World Nation News Desk
World Nation News Desk
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