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

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President Donald Trump announced new sanctions against Russian oil companies Lukoil and Rosneft amid growing frustration over the war in Ukraine.

Assets in US belonging to Rosneft and Lukoil frozen, and American firms barred from doing business with them

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…

The Trump administration could take an even harder line on Russia next year as the crude market faces a looming surplus.

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