Oil rose as a major oil pipeline was temporarily halted, while key producers flagged stronger Chinese demand just as more sanctions on Russian flows take effect.
West Texas Intermediate climbed toward US$74 a barrel after closing on Friday at the lowest level in about a month. Turkey halted oil flows to the Ceyhan export terminal on the Mediterranean coast after a major earthquake. There were no leaks detected on the pipelines feeding oil to the port, according to an official who asked not to be identified.
“The prospect of improving Chinese oil demand and some supply disruptions are modestly supporting oil prices on Monday,” said Giovanni Staunovo, a commodity analyst at UBS Group AG. Oil has endured a bumpy start to 2023 even as China’s ditching of COVID Zero fanned a wave of speculation that it will ramp up purchases. At the same time, the Organization of Petroleum Exporting Countries and its allies have opted to maintain supply cuts, with Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, saying at the weekend that the kingdom will remain cautious about raising supply. WTI for March delivery rose 0.6 per cent to US$73.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Europe bans Russian diesel, other oil products over UkraineNew sanctions create uncertainty about prices as the UE finds new supplies of diesel from the U.S., Middle East and India to replace those from Russia, which at one point delivered 10 per cent of Europe’s diesel needs
Read more »
Canada joining G-7 countries, Australia to expand price caps on Russian oil - National | Globalnews.caThe Department of Finance says the caps will be enforced by prohibiting buyers who do not abide by the price caps from obtaining services from companies in the G7 or Australia.
Read more »
Oil's New Map: How India turns Russia crude into the West's fuelIndia is playing an increasingly important role in global oil markets, buying more and more cheap Russian oil and refining it into fuel for Europe and the US.
Read more »
U.S. shoot down suspected Chinese spy balloonUniversity of Manitoba’s Defence & Security Studies professor Andrea Charron weighs in on the U.S. shooting down suspected spy balloon.
Read more »
Ottawa expands price caps to Russian petroleum products to reduce revenuesThe federal Finance Department says Canada is joining its fellow G\u002D7 countries plus Australia to expand caps on Russian oil.
Read more »