Loading ...
Friday, January 17, 2025
Oil posts fourth straight weekly gain amid new energy sanctions on Russia
By Vijay Valecha in 'Century in News'
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.
“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
__1069894389.jpg)
__1493456795.jpg)
__899879209.jpg)
__1781277786.jpg)
__1758360397.jpg)
Regulated by SCA
Century Financial Consultancy LLC
Reach us:
-
Dubai
6th Floor, Emaar Square Building 4,
Downtown, Dubai, P.O. Box 65777,
Dubai, United Arab Emirates -
Abu Dhabi
27th Floor, Office 2701,
Shining Towers, Abu Dhabi, UAE - +971 (4) 356 2800
- info@century.ae
Disclaimer: Trading in financial products carries risk. Trading in leveraged Over-The-Counter (OTC) Derivative products (including Contracts for Difference (CFDs) and spot foreign exchange contracts) involves a significant risk of loss which can exceed deposits and may not be suitable for all investors. OTC Derivative products / CFDs are complex financial instruments that do not confer any claim or right to the underlying financial instrument. Transactions in these instruments are very risky, and you should trade only with the capital you can afford to lose. Before deciding to trade on these products, you should consider your investment objectives, risk tolerance and your level of experience. Accordingly, you should ensure that you understand the risks involved and seek independent advice from professionals, if necessary.
Century Financial Consultancy LLC (CFC) is duly licensed and regulated by the Securities and Commodities Authority of UAE (SCA) under license numbers 20200000028 and, 20200000081 to practice the activities of Trading broker in the international markets, Trading broker of the OTC derivatives and currencies in the spot market, Introduction, Financial Consultation and Financial Analysis, and Promotion. CFC is a Limited Liability Company incorporated under the laws of UAE and registered with the Department of Economic Development of Dubai (registration number 768189). CFC has its registered office at 601, Level 6, Building no. 4, Emaar Square, Downtown, Dubai, UAE, PO Box 65777.
Any content available on our website is presented solely to provide information and educate visitors. Under no circumstances is any of this content meant to be construed as an offer, recommendation, advice, or solicitation to buy or sell securities or other financial products.
This website's information is not intended for use by anybody residing outside UAE or where such use would violate local laws or regulations.
