The “black gold” becomes cheaper against the backdrop of the entry into force of the European embargo on the supply of Russian oil and the price ceiling for it.
World prices for reference grades of oil fell to their lowest levels for the year. This was confirmed by the trading data on Thursday, December 8.
Thus, the futures price for Brent crude oil for February delivery on the London ICE Futures exchange sank by $0.64 (-0.83%) to $76.53 per barrel. This price was reached for the first time since December 27, 2021.
In turn, WTI crude futures for January delivery on the New York Mercantile Exchange fell $0.32 (-0.44%) to $71.69 a barrel.
Prices for “black gold” are falling against the backdrop of the easing of quarantine restrictions in China and the entry into force of the European embargo on Russian oil supplies, as well as initiatives to introduce a ceiling on oil prices from Russia.
before Correspondent.net wrote that the embargo and the price ceiling for Russia worked. Oil is getting cheaper. Although Russian President Vladimir Putin warned of “serious consequences” due to the oil price cap.
And now in Russia they complain about “non-market proposals” of the West and “double standards”.
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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.