Global Oil Restrained
Oil prices were little changed after declining over the past few weeks, with traders concerned about the impact of European Union sanctions on Russian supplies and Ukraine's attacks on the country's energy infrastructure. Brent crude was trading above $66 per barrel after falling 0.5% last week, while West Texas Intermediate (WTI) was nearing $63 per barrel.
The latest EU sanctions will target companies involved in the oil industry in third countries, such as China and India, which have been buying Russian oil at discounted prices. European Commission President Ursula von der Leyen emphasized that the measure aims to stem the flow of funds supporting Russia's war efforts through sanctions-violating oil purchases.
Meanwhile, Ukraine claimed to have launched attacks on Russian energy infrastructure, including oil pipelines and two refineries, further easing tensions. This attack is part of an escalation in Ukrainian drone attacks over the past month, further fueling global energy markets.
Although the oil market has remained stuck in the $5 range since early August, factors such as a peaceful meeting between US President Donald Trump and Chinese President Xi Jinping have eased concerns about potential sanctions from Washington on Beijing. At 8:35 a.m. Singapore time, Brent for November delivery rose 0.3% to $66.85 per barrel, while WTI for October delivery rose 0.3% to $62.87 per barrel. (ads)
Source: Newsmaker.id
