settled down Oil prices Tuesday, the tenth of January (January), with dealers anticipating indications regarding the plans of the Federal Reserve (US Central Bank) related to lifting interest ratesto see the repercussions of this on the economy and demand for fuel.
Brent crude futures for March delivery rose 27 cents, or 0.3 percent, to $79.92 a barrel, and US West Texas Intermediate crude futures rose 35 cents, or 0.5 percent, to $74.98 a barrel.
inflation data
Meanwhile, monetary policy makers at the US Central Bank said that “the new inflation data that will be issued next Thursday will help them decide on the possibility of slowing the pace of raising the interest rate at their next meeting to a quarter of a percentage point, instead of raising it at greater rates, as happened in most of the past year.” “.
Yesterday, the “Brent” and “Al-Wasate” crudes jumped by 1 percent, after China opened its borders at the weekend for the first time in three years.
And a preliminary poll conducted by “Archyde.com” yesterday revealed that US crude stocks are likely to decline by 2.4 million barrels, while distillate stocks will decline slightly, amid anticipation of crude stock data that will be announced by the American Petroleum Institute within hours.
Moscow is considering measures to reduce Russian oil prices
In a related context, the Russian Energy Ministry said that it is “working on developing new measures to limit the reduction in Russian oil prices compared to global benchmarks, after the West imposed a ceiling on prices.”
It is noteworthy that Russia is the second largest oil exporter in the world after Saudi Arabia, and its oil and gas sales represent nearly half of its budget revenues.
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In the meantime, Russian President Vladimir Putin signed last month a decree banning the supply of crude oil and petroleum products to countries that adhere to the maximum price of Russian oil, as of February 1 for a period of five months.
Russia usually sells oil at a lower price than global benchmarks such as Brent crude, then this discount increased in the wake of Western sanctions imposed on Russia because of the attack on Ukraine, and now the discount rate ranges between 25 and 30 dollars per barrel against dated Brent crude.
Russian ban
“The presidential decree published in December prohibits Russian companies from being guided by the illegal restrictions represented in setting a ceiling on the price of oil, whether directly or indirectly. This prohibition extends to any transactions with Russian crude oil until it reaches The end user, which means not working with merchants who don’t comply with the decision.”
“Details of the decree will be published soon, in addition to details about procedures for controlling prices and discounts,” she added.