After a steady and slow decline in Brent Crude Oil prices, they are now on the rise. They were at $76.28 per barrel as of November 26, but have since risen to $76.28 again.
Brent Crude Oil has been on the rise since then. Brent Crude Oil (WTI), is currently trading at $81.41 per bar, which is an increase of two weeks.
This could partly reflect the $60 per barrel price limit that the European Union has placed on oil imports from Russia.
The limit on Russian seaborne crude oil’s price was established late last week to constrain the Kremlin’s revenues from this commodity.
The market price for crude oil was $79/barrel at that time. This meant that Russian oil companies were unable to sell oil to EU member states who adhered to this price limit, as it is much lower than the market value.
The result was that demand rose as Europe’s potential oil supply could be affected. European oil buyers would be expected to pay approximately $20 per barrel less for oil from Russia than the market value. This offer has been rejected by oil giants because they cannot sell oil to commercial…