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Oil Falls as Traders Speculate on Trump’s Sanctions Strategy
Oil retreated from a five-month high as the market adjusts to new sanctions on Russian crude and digested mixed signals from President-elect Donald Trump on his intent to uphold the measures. West Texas Intermediate slid 1.7% to settle below $79 a barrel after hitting the highest since July on Wednesday. Saudi Aramco has received inquiries from Indian and Chinese buyers for as much as 750,000 barrels a day of extra crude to make up for any shortfalls caused by the Russian sanctions. Meanwhile, the amount of oil stranded off the Chinese coast has swelled as traders and shippers try to avoid being caught in the curbs. ... (full story)
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- Posted: Jan 16, 2025 4:59pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 226
