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Oil prices tick higher after snapping 3-day winning streak

  • Oil prices remain elevated due to U.S. sanctions on Russia, which caused prices to spike after the sanctions were announced.
  • The U.S. Department of Treasury sanctioned 183 oil tankers, doubling the previous number targeted, impacting global tanker availability.
  • Brent crude traded at $80.34 per barrel, with analysts predicting a potential reduction of 700,000 to 800,000 barrels of Russian oil daily due to sanctions.
  • Some analysts suggest that China's declining oil imports may reduce the sanctions' impact on global oil prices, despite recent upward trends.
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