Reported about 17 hours ago
Oil prices have steadied above $62 a barrel following U.S. sanctions on major Russian producers Rosneft and Lukoil, resulting in an expected weekly gain of about 8%. The sanctions aim to impede revenue flowing to Russia amidst its ongoing conflict in Ukraine, leading to anticipated drops in oil exports to India and purchase cancellations by Chinese firms. While a significant surplus exists in the oil market, analysts expect algorithmic buying to continue, driving prices upward in the near term.
Source: YAHOO