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OIL: Brent Could Fall $5-10/bbl If Russian Barrels Become Unsanctioned: BofA

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Brent price could drop between $5-10/bbl if Russian barrels become unsanctioned in a possible Ukraine peace agreement, BofA said in a note cited by Oilprice.com. 

  • “Should sanctions relief allow it, we believe Brent crude oil prices could drop between $5 and $10/bbl if Russian barrels suddenly do not need to make a long journey to India or China, and more supply is suddenly made available,” analysts at BofA said in a note this week.
  • A potential sanctions relief could also depress refining margins globally amid higher diesel supply out of Russia, BofA said in the note.
  • “Global refining margins could fall as well. While margins have been normalizing since the Ukraine war started, they could go even lower under sanctions relief for diesel,” BofA’s analysts noted, according to Oilprice.com.
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Brent price could drop between $5-10/bbl if Russian barrels become unsanctioned in a possible Ukraine peace agreement, BofA said in a note cited by Oilprice.com. 

  • “Should sanctions relief allow it, we believe Brent crude oil prices could drop between $5 and $10/bbl if Russian barrels suddenly do not need to make a long journey to India or China, and more supply is suddenly made available,” analysts at BofA said in a note this week.
  • A potential sanctions relief could also depress refining margins globally amid higher diesel supply out of Russia, BofA said in the note.
  • “Global refining margins could fall as well. While margins have been normalizing since the Ukraine war started, they could go even lower under sanctions relief for diesel,” BofA’s analysts noted, according to Oilprice.com.