Oil futures trade higher on Monday, adding to last week's gain, after a European Union ban on importing Russian seaborne crude and a price cap of $60 a...
Oil futures traded higher on Monday, adding to last week’s gain, after a European Union ban on importing Russian seaborne crude and a price cap of $60 a barrel took effect Monday, while OPEC kept its production quotas unchanged at a Sunday meeting.
What are prices doing ?Market drivers It... Oil futures traded higher on Monday, adding to last week’s gain, after a European Union ban on importing Russian seaborne crude and a price cap of $60 a barrel took effect Monday, while OPEC kept its production quotas unchanged at a Sunday meeting. What are prices doing ? Market drivers It is unclear how much Russian oil the two EU and G7 sanctions measures might remove from the global market. The world’s No. 2 oil producer has been able to reroute much, but not all, of its former European shipments to customers in India, China and Turkey.See also: What analysts think of the $60 price cap on Russia oil
But some key players are waiting on the sidelines, according to Hadjikyriacos, to see how all this plays out.
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