Crude prices up on expectations of new EU sanctions against Russia
Brent prices built some risk premium on Monday with the first nearby contract trading just below the $110/b mark this morning, mainly supported by prospect…
Crude oil prices plunged yesterday on raising concerns about global demand fuelled by bad news about the pandemic (see the Daily Eco). API data also pointed to a new rise in US crude stocks last week. The Brent 1st-nearby prices fell to almost $60/b and WTI prices to $57.25, their lowest levels since the first half of February. But they have rebounded this morning on the news that an giant ship blocked the Suez canal, which may have a strong temporary impact on oil transportation. About 10% of total seaborne oil trade goes through the canal.
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