Overnight Market Review (December 06) Indian Oil and Gas Minister Hardeep Singh Puri said that India is not worried about the European Union’s price restrictions on Russian crude oil. Puri’s statement means that India currently intends to continue buying crude oil from Russia.
European sanctions on Russian crude exports came into force on Monday, with the EU, G7 and Australia imposing a $60-a-barrel cap on Russian crude prices under an agreement reached last week. Companies in the EU are prohibited from insuring, financing or transporting Russian oil once sales prices exceed $60 a barrel.
However, Russia’s main crude is currently trading well below that level, so a Russian oil price ceiling is less of a concern for both suppliers and buyers.
Trading strategy deployment: it is recommended to short at high positions
All transactions involve risks, and the above analysis is for reference only. Be sure to set the number of hands and remember to set a stop loss when placing an order.
