Brent crude oil futures fell to $81.2 per barrel on Thursday, down from a five-month high, as markets responded to new US sanctions on Russian crude oil and speculation that President-elect Donald Trump might soften these restrictions after taking office. Countries like India and China are already seeking extra oil supplies from Saudi Arabia to make up for potential shortfalls due to the sanctions. At the same time, a growing amount of oil is stuck off China’s coast as traders try to navigate the new rules. In the US, Trump’s team is reportedly working on a sanctions strategy that could potentially benefit Russian oil companies and facilitate peace talks with Ukraine. With Trump’s inauguration just days away, traders are preparing for possible changes, including tariffs on Canadian oil and policies to boost US production.
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