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OIL: Oil Consolidates Gains Following US Sanctions News. 

OIL
BulletEnergy BulletsCommodities
  • As President Biden approaches the end of his term, it appears that one of his last actions may be targeted at Russian oil.
  • It is believed that Biden’s team are looking at further restrictions to impact the flow of Russian oil, a move that the President has avoided in the past for fear of a spike in energy costs.
  • However, with the current OPEC+ oversupply issues, the market seems able to withstand possible sanctions should they come to pass.
  • Prices did rise on the news with WTI steadily rising throughout the US trading day to break through the US$70/bl mark, closing at $70.29 where it has stayed at all day in Asian trading.
  • Brent maintained a positive bias throughout the US trading day also reaching a high just prior to US close of US$73.75, before closing at $73.52.  It rose marginally through the Asian trading day to $73.59.
  • OPEC+ released its forecasts for the full year 2024 and projections for next year for oil demand, with both seeing major downward revisions. 
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  • As President Biden approaches the end of his term, it appears that one of his last actions may be targeted at Russian oil.
  • It is believed that Biden’s team are looking at further restrictions to impact the flow of Russian oil, a move that the President has avoided in the past for fear of a spike in energy costs.
  • However, with the current OPEC+ oversupply issues, the market seems able to withstand possible sanctions should they come to pass.
  • Prices did rise on the news with WTI steadily rising throughout the US trading day to break through the US$70/bl mark, closing at $70.29 where it has stayed at all day in Asian trading.
  • Brent maintained a positive bias throughout the US trading day also reaching a high just prior to US close of US$73.75, before closing at $73.52.  It rose marginally through the Asian trading day to $73.59.
  • OPEC+ released its forecasts for the full year 2024 and projections for next year for oil demand, with both seeing major downward revisions.