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0 News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/crude-oil-prices-slip-amid-u-s-sanctions-on-russian-oil-exports/
Crude oil prices have edged lower, though they remain near four-month highs, as markets weigh the potential impact of new U.S. sanctions targeting Russian oil exports.
The latest sanctions, aimed at Russian energy giants Gazprom Neft and Surgutneftegas, as well as over 180 vessels in Russia’s “shadow fleet,” have raised concerns over the future of global oil supply.
The sanctions are expected to significantly disrupt Russian oil exports, with estimates suggesting a potential loss of up to 700,000 barrels per day from the global market. However, the actual impact may be less severe, as Russia and its key buyers are likely to explore alternative shipping arrangements to circumvent the sanctions.
While the supply-side pressures from these new restrictions could support prices in the short term, the outlook remains clouded by growing demand uncertainties, particularly from China, which has recently seen a decline in crude oil imports.
Despite these supply concerns, resilient U.S. economic data continues to support the oil market, helping to maintain higher price levels.
Traders are closely watching upcoming economic indicators and the Federal Reserve’s decisions on interest rates, which could further influence oil demand. As the market grapples with both supply constraints and fluctuating demand, oil prices face a delicate balancing act, with the risk of external uncertainties capping any potential price surges.
News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/crude-oil-prices-slip-amid-u-s-sanctions-on-russian-oil-exports/
