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Friday, January 17, 2025

Oil posts fourth straight weekly gain amid new energy sanctions on Russia

تم إعداد هذا المنشور من قبل فيجاي فاليتشا

Oil posts fourth straight weekly gain amid new...
 
   

Vijay Valecha, The National, January 17, 2025

Oil prices settled lower on Friday on supply concerns, but still managed to post a fourth consecutive weekly gain as the US imposed new sanctions on Russia’s energy industry amid the war with Ukraine.

Brent, the benchmark for two thirds of the world’s oil, closed 0.62 per cent lower at $80.79 a barrel. West Texas Intermediate, the gauge that tracks US crude, shed 1.02 per cent to settle at $77.88 a barrel.



Oil prices are on the rise “helped by a cold weather fanning demand, the fall in US inventories and multiple risks to shipments”, said Vijay Valecha chief investment officer at Century Financial.
 

“In addition to the curbs against Russia, traders are concerned the incoming [Donald] Trump administration may both tighten sanctions against Iran and impose trade levies that disrupt oil flows or risk drawing retaliatory measures,” he added.

Last week, the US and UK toughened sanctions on Russia's energy industry, intensifying pressure on Moscow as the war in Ukraine nears its fourth year. The new measures, designed to hit Moscow's energy revenue, which is fuelling its war machine, target individuals and Russian entities, including Gazprom Neft and Surgutneftegas, both major players in the Russian oil industry.

According to a statement from the US Department of the Treasury, the measures also target oil-carrying vessels—many of which are part of the “shadow fleet” engaged in the illegal trade of Russian oil—as well as Russia-based oilfield service providers, energy officials, and “opaque traders.”

Source

The National