Oil prices soar after Russian crude sanctions take effect

Oil futures rise slightly after falling more than 3% in last session G7 price cap on Russian oil goes into effect China set to further ease COVID controls Dec 6 (Reuters) – Oil rebounded on Tuesday after plunging more than 3% in the previous session as the implementation of sanctions on Russian maritime crude eased … Read more

EU ministers insist it will work despite Kremlin opposition

The G7, the EU and Australia put in place a cap on Russian oil prices on December 5. Market players doubt the effectiveness of the measure. Bloomberg | Bloomberg | Getty Images BRUSSELS – A price cap on Russian maritime oil will work, EU ministers tell CNBC, despite attempts by the Kremlin to evade sanctions … Read more

Lower oil prices on the horizon as China enters next phase of Covid crisis

Since the late 1990s, China has been the big beast in global oil markets, driving demand for the oil and other commodities it used to fuel double-digit economic growth every year for many years. then high single-digit growth for years. . As recently as 2017, China’s high economic growth rate still allowed it to overtake … Read more

Tankers line up off Turkey as Russian crude price cap kicks in – FT

Dec 5 (Reuters) – Oil tankers formed a traffic jam off the Turkish coast on the first day of Russian crude price caps in the West as Ankara insists on new proof of insurance for all vessels, the Financial Times reported on Monday. . About 19 tankers were waiting to cross Turkish waters on Monday, … Read more

Tankers en route to Russia as export price cap begins

Two tankers were heading to Russia on Monday, expecting to be filled with Russian crude as a price cap on its oil exports from a coalition of Western nations came into effect. On Friday, the European Union agreed to cap Russian maritime oil prices at $60 a barrel, in a bid to limit Moscow’s revenue … Read more