AMN/ WEB DESK
Global crude oil prices jumped 2 percent today on expectations of a drop in Russian crude supply. Brent crude was up 1.4 dollars to 82.38 dollars a barrel. The US crude rose 1.5 dollars to 78.98 dollars a barrel. Both contracts posted a second weekly gain.
Russia’s Baltic oil exports could fall by 20% in December from the previous month after the European Union and G7 nations imposed sanctions and a price cap on Russian crude from December 5.
Russia may also cut oil output by 5%-7% in early 2023 as it responds to price caps.
However, surging COVID-19 cases in the world’s No.2 oil consumer China, concerns about further rate hikes globally, and the recession curbing fuel consumption limited oil’s price gains.