After a three-week decline, oil prices are starting to rise as the market reacts to possible new European Union sanctions aimed at cutting Russia's energy revenues, as well as a series of Ukrainian attacks on infrastructure. This is reported by Investing.com, writes UNN.
Details
On September 22, in Asian trading, November Brent futures added 0.6%, rising to $67.06 per barrel. Contracts for US West Texas Intermediate (WTI) oil rose 0.5% to $63.02.
Last week, oil prices were under pressure, particularly due to statements by US President Donald Trump, who demanded a reduction in fuel costs. Brent futures then fell by almost 0.5%.
Investors are currently closely monitoring further EU steps that could tighten restrictions against the Russian energy sector. Sanctions are expected to affect global oil flows and could push prices to new highs.
Recall
European Commission President Ursula von der Leyen and EU foreign policy chief Kaja Kallas on September 19 presented a new, 19th, package of the bloc's sanctions against Russia.
President Zelenskyy welcomed the EU's move towards adopting a strong 19th package of sanctions against Russia, noting that it is an important step that will increase pressure on the Russian war machine and ensure a tangible effect.
On the night of September 20, drones attacked an oil refinery in the Samara region.
Later, long-range drones of the SBU's SSO "A" and the SSO of the Armed Forces of Ukraine hit a number of oil pumping stations of the Kuibyshev-Tikhoretsk oil pipeline, which are involved in oil exports through the port of Novorossiysk.