Oil wavers as Trump's Colombia sanctions threat rattles markets

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The Star 2d ago

Oil wavers as Trump's Colombia sanctions threat rattles markets - The Star

Quick Summary:

LONDON: Oil market momentum was kept in check on Monday as prices fluctuated in and out of negative territory, with traders on edge despite the U.S.pulling back from initial sanctions threats against Colombia, reducing immediate concern over oil supply disruptions.

He added that oil markets are probably skewed a little bit to the downside, with Trump looking to boost U.S.output and try to secure overseas markets for U.S.crude.

Goldman Sachs analysts said they do not expect a big hit to Russian production because higher freight rates have encouraged non-sanctioned ships to move Russian oil while the deepening discount on the affected Russian ESPO grade attracts price-sensitive buyers.