Investors were also prepared for excess offerings after OPEC+ expanded the campaign to soften the victim’s restrictions.
Brent oil futures remained almost unchanged around $ 66 for a barrel after the longest series of losses from May. Whereas the price of West Texas Intermediate Oil drops below $ 64. He writes about it Bloomberg.
U.S. president Donald Trump, who set a deadline until Friday for Moscow through the Truce agreement, said he was willing to meet Vladimir Putin – even though he did not agree with the negotiations with Vladimir Zelensky.
This week Trump’s duties doubled for all that imported goods from India to 50% as a penalty for the purchase of Russian oil. The forced state of Indian oil refineries to reduce purchases and find alternative suppliers. Meanwhile, US finance minister Scott Immentine said similar duties could be introduced against China if he continues to buy Russian energy bearers.
In addition, now investors are afraid of the overdue proposal at the end of the year – against the background of avoiding restrictions on the manufacture of OPEC+countries.
At the same time, oil futures have fallen against the rear of the signs of slowing the growth of the world’s largest economy, as Trump’s greater duties negatively affect business activity, creating a risk for energy demand.
“Geopolitics remain the main driving force of the market,” said Tamash Varga, analyst at the PVM Brokerage Company.
Despite the challenges, oil traders, manufacturers and consumers have proven the ability to respond quickly to failures – due to conflicts, risks or penalties. So, this week, Russian oil from Western ports began to offer Chinese customers who usually didn’t buy this brand.
The current difference between the nearest Brent contracts – the so -called prompt spread – narrow to 58 cents per barrel, while a month ago exceeds $ 1. This indicates a reduction in market tension in the short term.
Keep in mind that Russian oil taxes associated with oil last month reduced by about 33% to 710.4 billion rubles.
Trump against Russian oil. Indian new threats
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.