Crude oil prices have edged lower but are still near four-month highs as markets assess the potential impact of new U.S. sanctions on Russian oil exports.
The sanctions targeting Russian companies and the shadow fleet are expected to reduce exports significantly, potentially cutting 700,000 barrels per day from global supply.
While the sanctions may support oil prices through supply-side pressures, demand uncertainty from major consumers like China could dampen price increases.
Resilient U.S. economic data supports a balanced supply-demand dynamic in the oil market, leading to sustained higher prices despite market fluctuations.
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