August 7, 2022
US oil closes below $95 as EU adjusts Russia sanctions - Money Times

US oil closes below $95 as EU adjusts Russia sanctions – Money Times

US WTI crude was down $1.65, or 1.7%, at $94.70 a barrel, while Brent crude futures were down $0.66, or 0.6%, at $103.20 (Image: REUTERS/Angus Mordant/File Photo)

Prices Petroleum to us America A barrel fell below $95 for the first time since April European union He said Russian state-owned companies would be allowed to ship oil to other countries under sanctions relief agreed by member states this week.

U.S. WTI crude was down $1.65, or 1.7%, at $94.70 a barrel, while U.S. oil futures Brent oil It was down 66 cents, or 0.6%, at $103.20.

WTI fell for a third straight week in the past two sessions, with U.S. gasoline demand falling nearly 8% from a year ago in the past two sessions, amid a summer peak hit by record prices for bombs.

Conversely, signs of strong demand Asia Brent lifted, closing higher for the first time in six weeks.

Oil futures trading has been volatile in recent weeks, as traders try to reconcile the possibility of further interest rate hikes, which could dampen demand, and tight supplies stemming from the loss of Russian barrels.

at Companies Russian state-owned companies Rosneft and Gazprom may send oil to other countries in an effort to limit risks to global energy security.

Under an overhaul of sanctions on Russia that came into force on Friday, payments related to purchases of Russian crude by EU companies will not be banned.

“In the short term, it’s definitely a negative headline that could have given us a bit of a sell-off here,” said Bill Flynn, analyst at Price Futures Group.

The EU’s announcement comes after Elvira Nabiullina, head of Russia’s central bank, said it would not supply oil to countries that set prices on their oil.

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