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Crude oil tankers lie at anchor in Nakhodka Bay off the south-eastern coast of Russia. Reuters Oil prices declined on Wednesday as investors were concerned about fuel demand despite Russia’s decision to ban crude exports to certain countries and the easing of stringent Covid-19 restrictions in China, the world’s largest crude importer. Russian President Vladimir Putin on Tuesday signed a decree that bans the supply of crude oil and oil products from February 1 for five months to nations that abide by a price cap on its exports. Brent, the benchmark for two thirds of the world’s oil, was trading 0.87 per cent lower at $83.60 a barrel at 12.23pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was down 0.72 per cent at $78.96 a barrel. “Brent and US crude oil prices are trading lower for the second day in a row as traders are worried about oil demand,” said Naeem Aslam, chief market analyst at AvaTrade. “This shows that the bulls are not in control of the price and the bearish price action could easily pick up more steam.” Oil prices have recorded two straight weeks of gains , in part due to rising […]
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