oil prices, close to their highest level for three weeks, they practically did not react on Tuesday, December 27, to the announcement that Moscow will not sell any more oil to countries that cap Russian crude prices.
(See: Price limits on Russian oil: who will win?).
During an up and down session, the barrel of Brent North Sea, for February delivery, ended up 0.48% at $84.33. The West Texas Intermediate (WTI) US, also for delivery in February, fell 0.03% to $79.53.
The markets initially reacted to the announcement made by Moscow that it will prohibit, as of February 1, 2023, the sale of crude oil to foreign countries applying a price cap on Russian ‘black gold’, set in early December at $60 a barrel by the European Union, the G7 and Australia.
(See: Ecopetrol creates the Offshore Vice Presidency: this is how it will work).
But this reaction was short-lived and soon faded away.
Prices were also maintained due to the announcement of the reopening of china to foreign visitors, after the abandonment of the mandatory quarantine as part of the health policy of ‘zero covid’ andin the country
(See: Hydrocarbon exploration exceeded levels seen in 2019).
AFP
