WTI crude fell to around $78.1 a barrel on Tuesday after a three-day rally. On Monday, crude hit a five-month high as tighter U.S. sanctions on Russia's energy industry threatened global supplies.
The restrictions have targeted major producers and hundreds of ships and tankers, forcing major buyers such as India and China to look for alternative sources. Early signs of disruption are already visible, with a senior Indian official saying sanctioned ships would be barred from unloading, and China securing oil supplies from the UAE and Oman.
In a related move, six European countries asked the EU on Monday to ease a $60-a-barrel price cap on Russian oil to curb Russia's war efforts in Ukraine.
However, weaker demand from China could limit the impact of tighter supplies, after data showed the country's crude imports fell in 2024 for the first time in two decades, excluding the pandemic period.
Source: Trading Economics
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