NEW YORK / LONDON (IT BOLTWISE) – Oil prices recovered slightly on Thursday after coming under pressure the previous day. The price of a barrel of North Sea Brent rose 44 cents to $63.95, while the price of a barrel of US WTI rose 46 cents to $59.90. Market observers see the sanctions against Russia as a key influencing factor.
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Recent developments in the oil market show a slight recovery in prices after previously coming under pressure. North Sea Brent crude rose 44 cents, bringing the price to $63.95 a barrel. The US variety WTI also gained 46 cents and reached $59.90 per barrel. These price movements must be seen against the backdrop of geopolitical tensions and sanctions against Russia.
The European Union is currently considering further measures to increase pressure on Moscow. These sanctions are aimed at hitting the Russian economy and in particular major oil companies such as Rosneft and Lukoil. The US has already imposed painful sanctions that make trading in Russian oil much more difficult.
The day before, reports about a US initiative to end the war in Ukraine had significantly impacted oil prices. However, it was made clear in Moscow that there were no new proposals to end the war. These uncertainties have a direct impact on price developments as the market reacts sensitively to any news from the region.
Interestingly, Russian oil shipments to China have recently increased. In October, 9.11 million tons of oil were delivered to China, up from 8.29 million tons in September. This development shows that despite the sanctions, Russia continues to find buyers for its oil, which influences global trade flows.
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