Geopolitical tensions look likely to keep the oil price gaining
Singapore — Oil futures extended gains on Tuesday as the US and Europe planned new sanctions to punish Moscow over alleged war crimes by Russian troops in Ukraine, adding to concerns about supply disruptions, while Iran nuclear talks stalled.
Both contracts briefly jumped more than $2 a barrel in early Asian trade after Japanese industry minister Koichi Hagiuda said the International Energy Agency was still working out details for a planned second round of a co-ordinated oil releases. “The geopolitical tension is most likely to keep the oil price gaining in the coming days despite efforts made by US and allies,” said Tina Teng, a markets analyst at CMC Markets APAC & Canada, referring to the co-ordinated oil release by consuming countries.
Consultancy Wood Mackenzie on Monday estimated EU members and advanced economies including Japan and South Korea could “swap” 650,000 barrels a day of Russian crude oil with similar grades and volumes. These would primarily come from Middle East volumes that are normally bought by China and India.
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