Reported about 11 hours ago
The price of a key Russian oil grade, ESPO, has fallen significantly due to Western sanctions that led Chinese refiners to cancel some orders. Offered at a discount of 50 cents per barrel compared to the ICE Brent benchmark, the sudden price drop follows renewed sanctions by the US against Russian oil companies, intensifying pressure on Moscow amid the ongoing conflict in Ukraine. Chinese state-owned firms like Sinopec halting purchases has raised concerns about the future demand from Chinese refiners.
Source: YAHOO