Oil Prices Steady Amid Sanctions Uncertainty

Oil prices held steady today, balancing concerns over excess supply with uncertainty from U.S. sanctions on Russian oil. Brent crude futures rose by twenty-seven cents, reaching sixty-four dollars and thirty-three cents a barrel, while U.S. West Texas Intermediate crude also increased by twenty-six cents, trading at sixty dollars and thirty-nine cents a barrel. Lukoil, a major Russian oil company, declared force majeure at an Iraqi oil field, one of the most significant consequences of the sanctions. Despite the overall surplus of crude oil, restricted fuel exports are helping to keep oil prices up, with European diesel and gasoline profit margins reaching their highest levels in over a year and a half. Analysts predict that as OPEC production increases, the global oil market may lean towards an oversupply, while demand continues to trend lower due to slower economic growth in major oil-consuming countries.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.