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US and UK tighten sanctions on Russian oil industry
The post US and UK tighten sanctions on Russian oil industry appeared on BitcoinEthereumNews.com. The United States (USD) and the United Kingdom (UK) administration imposed tougher sanctions against Russia’s oil industry, targeting nearly 200 vessels of the so-called “shadow fleet,” major oil companies, and associated entities, the Office of Foreign Assets Control (OFAC) said on Friday. The measures also target two of Russia’s major oil producers, Gazprom Neft and Surgutneftegaz, along with dozens of their subsidiaries, per the BBC. US Treasury Secretary Janet Yellen “The United States is taking sweeping action against Russia’s key source of revenue for funding its brutal and illegal war against Ukraine.” Market reaction At the time of writing, the WTI pair is trading 1.57% higher on the day to trade at $77.10. WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media. Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make…
The post US and UK tighten sanctions on Russian oil industry appeared on BitcoinEthereumNews.com.
The United States (USD) and the United Kingdom (UK) administration imposed tougher sanctions against Russia’s oil industry, targeting nearly 200 vessels of the so-called “shadow fleet,” major oil companies, and associated entities, the Office of Foreign Assets Control (OFAC) said on Friday. The measures also target two of Russia’s major oil producers, Gazprom Neft and Surgutneftegaz, along with dozens of their subsidiaries, per the BBC. US Treasury Secretary Janet Yellen “The United States is taking sweeping action against Russia’s key source of revenue for funding its brutal and illegal war against Ukraine.” Market reaction At the time of writing, the WTI pair is trading 1.57% higher on the day to trade at $77.10. WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media. Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make…
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