US EditionOil Steady as Little Impact Seen From EU Sanctions on Russia
DMITROVSKY DISTRICT, MOSCOW OBLAST, JUL 20 – The European Union's 18th sanctions package targets Russian energy firms and includes a price cap, but analysts say oil markets remain largely unaffected by previous measures.
- On Friday, the European Union approved its 18th sanctions package against Russia, targeting India’s Nayara Energy, and Brent crude futures fell 1 cent to $69.27 after settling lower.
- Following Trump’s threats, increased market uncertainty and anticipation of EU sanctions led to oil price fluctuations last week.
- Positioning data shows in ICE Brent increases, with speculators rising their net long by 16,398 lots as of last Tuesday, signaling market pressure.
- According to analysts led by Warren Patterson, the import ban on refined oil products processed from Russian oil in third countries is likely to have the biggest market impact, adding enforcement will be challenging.
- According to Tony Sycamore, U.S. tariff concerns will continue to weigh in the lead-up to August 1, noting oil inventory data may provide support.
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Crude oil started trading this week with a modest increase after the European Union announced on Friday its 18th package of sanctions against Russia, targeting the energy industry by imposing a lower price ceiling and tougher sanctions against energy companies. Brent crude was trading at $69.35 a barrel on Monday morning, and West […] The article Oil prices reacted weakly to the latest EU sanctions package imposed on Russia first appeared on Cur…
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Total News Sources20
Leaning Left1Leaning Right3Center2Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
L 17%
C 33%
R 50%
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