Commenting on the impact of the sanctions, Alexey Belogoryev cited the baseline scenario as a possible short-term decline in seaborne oil supplies and possibly some petroleum products from Russia in December-February, after which they will return to current levels

Commenting on the impact of the sanctions, Alexey Belogoryev cited the baseline scenario as a possible short-term decline in seaborne oil supplies and possibly some petroleum…

Oil had one of its biggest days of the year after the U.S. added new sanctions on Russian energy firms, but tight futures positioning set the stage for the big move.

The recent increase in oil prices represents the market correction, noted the Chief Oil Analyst at Turner Mason & Co