December 12, 2024
By Idris Buba
Following another sanction slammed on Russia by the European Union, EU, oil prices increased in the global commodities market on Thursday, leading to a jump in the price of Brent to $73.45 per barrel while West Texas Intermediate, WTI, also rose to $70.01 per barrel.
In response to the continuous Russian assault against Ukraine, EU countries, on Wednesday agreed on the 15th sanction package, with more individuals and organizations added to the existing sanctions list, the new sanctions will amongst other things, restrict the activities of ships belonging to third countries operating in support of Russia.
EU imposed sanctions against Russia, includes trade, finance, energy, industry, technology, transport, as well as oil and coal, dual-use and luxury goods, as well as gold and diamonds.
Other sanctions are ban on shipping crude oil and some oil products transported by sea from Russia to the EU, the exclusion of some Russian banks from the international payment system SWIFT and the suspension of the activities of many broadcasting organizations.
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Strategic petroleum reserves, which are excluded from commercial crude stocks, increased by approximately 700,000 barrels to 392.5 million barrels last week, the data revealed. Over the same period, gasoline inventories rose by around 5.1 million barrels to 219.7 million barrels.
Data from the Energy Information Administration (EIA) on Wednesday indicated an increased demand in the US, lending support to oil prices. US commercial crude oil inventories decreased by 1.4 million barrels to 422 million barrels, during the week ending Dec. 6.
US commercial crude oil inventories decreased by 0.3% during the week ending Dec. 6, according to data released by the Energy Information Administration, EIA, late Wednesday. Inventories fell by around 1.4 million barrels to 422 million barrels, surpassing the market prediction of 1 million barrels decline.
Strategic petroleum reserves, which are excluded from commercial crude stocks, increased by approximately 700,000 barrels to 392.5 million barrels last week, the data revealed. Over the same period, gasoline inventories rose by around 5.1 million barrels to 219.7 million barrels.
