Oil prices steady as Russia eases fuel export ban

oil-prices-steady-as-russia-eases-fuel-export-ban
Oil prices steady as Russia eases fuel export ban

Oil prices remained stable on Monday despite concerns over supply and interest rates. Brent crude futures saw a slight increase, while U.S. West Texas Intermediate crude also rose slightly. Russia made some changes to its fuel export ban, allowing for the export of certain types of fuel. However, the ban on gasoline and high-quality diesel remains in place. The market is still adjusting to these changes, as well as the recent hawkish message from the Federal Reserve. Crude prices fell last week due to concerns over oil demand following the Fed’s announcement. Additionally, Moscow implemented a temporary ban on gasoline and diesel exports, raising concerns about low product supply. In the United States, the number of operating oil rigs decreased, despite higher prices. U.S. oil refiners are also expected to have reduced capacity in the coming weeks. However, there are expectations of better economic data from China, which could positively impact oil prices. It is worth noting that oil prices may face technical resistance at previous highs. Overall, the oil market remains influenced by various factors, including supply constraints and economic indicators.

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Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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