The oil prices They retreated on Monday, waiting to know the impact of the sanctions imposed by the United States last week on Russian oil groups.
The price of a barrel of Brent from the North Sea, for delivery in December, fell 0.49% to $65.62.
Its American equivalent, the barrel of West Texas Intermediate (WTI), for delivery in the same month, lost 0.31% to $61.31.
Washington announced sanctions last Wednesday against two giants of the Russian hydrocarbon sector, Rosneft and Lukoilwith the aim of cutting Russia’s financial income and bringing it to the negotiating table for a ceasefire in Ukraine.
The text published by the US Treasury provides, among other measures, for “secondary sanctions on foreign financial institutions” that participate in transactions with sanctioned entities, including India or China.
He Brent barrel is up almost 7% since the White House announcements.
“A more pronounced increase (of Brenteditor’s note), above $70, is unlikely until the concrete impact of the sanctions is clearly established,” estimates Gregory Brew of Eurasia Group.
“The effects of these measures will depend on the degree of firmness (…) of the United States” while “Russian companies have been evading Western sanctions for years,” notes the analyst.
A trade detente between the two largest oil consumers is seen as positive for demand and could therefore support crude oil prices.
Meanwhile, eight countries in the OPEC+who will meet on Sunday, are leaning toward another modest increase in oil production by December, as Saudi Arabia pushes to regain market share, according to four sources familiar with the talks.
With attention to China and the US
U.S. Treasury Secretary Scott Bessent said on Sunday that with Chinese officials they had worked out a “substantial framework” for a trade deal that could avoid 100% U.S. tariffs on Chinese goods and achieve a deferral of China’s rare earth export controls.
“Crude oil futures are taking a breather after last week’s strong rally as President Trump will meet with Chinese President Xi for trade talks on Thursday to hopefully finalize most of the differences,” said Dennis Kissler, senior vice president of trading at BOK Financial.
