Oil jumps as new US sanctions to curb Russian supply to China, India
Published On Jan 13, 2025, 2:46 AM
Oil prices have seen significant gains due to new U.S. sanctions aimed at Russian crude exports to major markets such as China and India. Brent crude has risen above $80 a barrel, marking its highest level in over four months. These sanctions are expected to severely affect Russian oil exports, compelling large importers like China and India to procure more oil from alternative sources, leading to tighter supply and increased shipping costs. Analysts predict a bullish outlook for oil prices in the short term due to these developments.
Stock Forecasts
USO
Positive
The new sanctions are likely to reduce Russian oil supply in a market already experiencing high demand, leading to higher prices. Moreover, the shift in sourcing by China and India will further intensify competition among suppliers, thus pushing prices higher in the near term.
XOM
Positive
The implications of the sanctions could also benefit companies involved in oil exploration and production, as the demand may shift favorably toward U.S.-based oil companies that fill the supply gap left by Russian oil.
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