Brent trads at $73.6 per barrel

By Alimat Aliyeva

Oil prices remain stable after a steady rise following the results of the previous trading session, Azernews reports.

As of 9:15 AM, the price of February Brent futures on the London ICE Futures exchange stands at $73.62 per barrel, marking a slight increase of $0.10 (0.14%) compared to the previous session's close. On December 11, these contracts rose by $1.33 (1.8%) to reach $73.52 per barrel.

Meanwhile, WTI crude futures for January on the New York Mercantile Exchange (NYMEX) gained $0.04 (0.06%), reaching $70.33 per barrel by the same time. Following the previous trading session, the price of these contracts increased by $1.70 (2.5%), closing at $70.29 per barrel.

The oil market saw gains yesterday following media reports that the administration of U.S. President Joe Biden is considering imposing tougher sanctions on Russian oil exports.

"The U.S. had previously avoided this strategy, fearing a spike in global oil prices," said Steven Innes, managing partner at SPI Asset Management. However, Innes added, "bolder measures now seem more feasible, as global oil prices are being held back by an oversupply of crude," as quoted by Market Watch.

This shift in U.S. policy could have significant implications for global oil markets, particularly as the Biden administration explores ways to address the ongoing geopolitical tensions surrounding Russia’s energy exports. The prospect of more stringent sanctions on Russia could further strain oil supply chains and increase volatility in global markets, especially if it disrupts oil production or transportation routes.