Oil prices climb for third consecutive day
Date
1/14/2025 7:11:53 AM
(MENAFN) Oil prices experience a steady climb for the third day in a row, with brent crude surpassing USD81 per barrel, marking its highest level in four months. The rise follows market speculation that new US sanctions on Russian oil exports could disrupt supplies to key buyers, including China and India.
Brent crude futures, the global benchmark, advanced nearly 1.5 percent to USD80.6 during Monday morning trading, after breaching the USD80 mark on Friday for the first time since October. Meanwhile, US West Texas Intermediate (WTI) crude increased by over 1.5 percent to USD77.7, also reaching a four-month peak. Data reveals that both benchmarks have gained more than 6 percent since January 8.
On Friday, the US, in coordination with the UK, introduced a “sweeping” set of sanctions targeting Russian petroleum producers Gazprom Neft and Surgutneftegaz, along with related entities. The measures also impose restrictions on 183 vessels used to transport Russian crude.
Experts suggest these sanctions may significantly curtail Russian oil exports, pushing China, the largest global oil importer, and India, the third-largest, to seek alternative sources such as the Middle East, Africa, and the Americas. This shift is anticipated to elevate both global oil prices and transportation costs.
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