On Tuesday, US President Joe Biden imposed an immediate ban on… Russian imports of oil and other energy imports, and Britain said it would phase out Russian oil imports until the end of 2022 in response to Russia’s military operation in Ukraine.
The giant Shell Company announced, on Tuesday, that it would stop buying Russian crude and gradually stop its activities in the Russian hydrocarbon sector, to become one of the first major Western oil companies to completely end its activity in Russia.
Meanwhile, Bank of "Goldman Sachs" To that more than half Russian oil Which is exported from the ports has not been sold, while estimated "JP Morgan" About 70 percent of Russian oil transported by sea has difficulty finding buyers.
Oil prices have risen more than 30% since Russia, the world’s second-largest crude exporter, launched what it called… "special operation" in Ukraine. Analysts said fears of further disruptions to oil supplies amid an escalation of sanctions on Moscow boosted the buying.
Archyde.com quotes Vandana Hari, Vandana Insights, an oil market analyst: "The upward pressure on oil prices continues to boost prices as the market absorbs the repercussions of the US import ban on Russian oil and awaits details of Moscow’s ban on exports.".
On Monday, oil prices jumped to their highest level since July 2008, with Brent crude at $139.13 a barrel and WTI at $130.50.
US crude stocks rose 2.8 million barrels in the week ending March 4, compared to analyst expectations of a decline, but gasoline and distillate stocks fell, according to market sources, citing figures from the American Petroleum Institute.
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Brent crude futures rose $2.91, or 2.27 percent, to $130.89 a barrel by 05:20 GMT, after jumping 3.9 percent the previous day.
US West Texas Intermediate crude futures rose $2.34, or 1.89%, to $126.04 a barrel, after also rising 3.6 percent, on Tuesday.
On Tuesday, US President Joe Biden imposed an immediate ban on… Russian imports of oil and other energy imports, and Britain said it would phase out Russian oil imports until the end of 2022 in response to Russia’s military operation in Ukraine.
The giant Shell Company announced, on Tuesday, that it would stop buying Russian crude and gradually stop its activities in the Russian hydrocarbon sector, to become one of the first major Western oil companies to completely end its activity in Russia.
Meanwhile, Goldman Sachs estimated that more than half of Russian oil Which is exported from the ports has not been sold, while “JP Morgan” estimated that about 70 percent of Russian oil transported by sea is having difficulty finding buyers.
Oil prices have risen more than 30% since Russia, the world’s second-largest crude exporter, launched what it called a “special operation” in Ukraine. Analysts said fears of further disruptions to oil supplies amid an escalation of sanctions on Moscow boosted the buying.
“The upward pressure on oil prices continues to support prices as the market digests the implications of the US import ban on Russian oil and awaits details of Moscow’s export ban,” said Vandana Hari, oil market analyst Vandana Insights.
On Monday, oil prices jumped to their highest level since July 2008, with Brent crude at $139.13 a barrel and WTI at $130.50.
US crude stocks rose 2.8 million barrels in the week ending March 4, compared to analyst expectations of a decline, but gasoline and distillate stocks fell, according to market sources, citing figures from the American Petroleum Institute.