Oil prices are rising before the embargo on russian oil products
26.01.2023 - 12:05
Oil prices rose slightly on Thursday, January 26. The market is waiting for the start of the EU ban on russian oil products.
Brent crude futures were up 0.55% at $80.43 a barrel, while West Texas Intermediate (WTI) crude futures were up 0.13% at $86.23.
“The market is waiting for more clarity on the future EU embargo on russian oil products and the further redistribution of trade flows while OPEC+ delegates prepare for the next meeting,” Citi analysts reported, Reuters writes.
The upcoming EU embargo on russian refined products remains a major source of concern for the market.
As a reminder, the embargo on oil products from russian federation will come into effect on February 5, 2023.
