Oil prices are headed for their biggest weekly gain since June after the US imposed sanctions on major Russian producers Rosneft and Lukoil, potentially disrupting supply and shifting demand to alternative grades. Brent oil hovered near $66 per barrel after surging 5.4% in the previous session, while WTI held below $62.
Russian oil flows to India are expected to plummet due to the sanctions, while the impact on Chinese purchases remains unclear. President Donald Trump plans to raise the issue of China's purchases of Russian oil when he meets with President Xi next week. Russia may offer more barrels to China if India reduces imports, but China is unlikely to absorb the entire surplus amidst a global supply glut.
Moscow expects its oil and gas revenues to suffer but will rely on a network of traders and "shadow tankers" to limit the financial impact. Meanwhile, Kuwait has said OPEC is ready to increase production if needed and warned of the potential for higher prices. Pressure on Russia has also increased after the European Union launched a new sanctions package, while Russian energy infrastructure has been a frequent target of attacks in Ukraine.
The market structure is strengthening: the prompt spread between the nearest Brent contract and the next contract (prompt spread) is widening into a backwardation pattern—a signal of tighter short-term supply. As of 8:28 a.m. Singapore time, Brent for December delivery was at $65.89 per barrel, while WTI for December delivery was at $61.71. Oil futures have risen by about 7.5% this week. (asd)
Source: Newsmaker.id
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