Reported 1 day ago
Oil prices reached a five-month high on January 13, 2025, driven by fears of supply disruptions affecting major importers like China and India due to extensive sanctions on Russian crude. West Texas Intermediate crude rose nearly 3% to $78.82 per barrel, while Brent futures settled at $81.01. These price increases follow a nearly 4% surge resulting from sanctions targeting over 180 vessels and Russian oil executives. Analysts suggest that both China and India are reducing their Russian oil imports in response to these sanctions, contributing to the upward trend in oil prices, fueled further by cold weather increasing energy demand.
Source: YAHOO