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Oil prices spike even higher amid 'de facto ban' on Russian crude
Yahoo Finance
Oil prices spike even higher amid 'de facto ban' on Russian crude
Ines Ferré · Markets Reporter
Wed, March 2, 2022, 4:47 PM
Oil prices spiked even higher on Tuesday, but one grade of crude is having trouble catching a bid: Russian Urals.
“It's become toxic,” Andy Lipow, president of Lipow Oil Associates, told Yahoo Finance. “I call it the 'de facto ban' on Russian oil.”
Even though Western sanctions against Moscow excluded energy transactions, traders are staying away from Russian crude amid the continued invasion of Ukraine. Touching it, says Lipow, could mean a “public relations nightmare.”
The Urals grade, Russia’s main export, has recently been trading at a record discount in Europe, more than $18 below the Brent International benchmark.
{snip}
Oil prices spike even higher amid 'de facto ban' on Russian crude
Ines Ferré · Markets Reporter
Wed, March 2, 2022, 4:47 PM
Oil prices spiked even higher on Tuesday, but one grade of crude is having trouble catching a bid: Russian Urals.
“It's become toxic,” Andy Lipow, president of Lipow Oil Associates, told Yahoo Finance. “I call it the 'de facto ban' on Russian oil.”
Even though Western sanctions against Moscow excluded energy transactions, traders are staying away from Russian crude amid the continued invasion of Ukraine. Touching it, says Lipow, could mean a “public relations nightmare.”
The Urals grade, Russia’s main export, has recently been trading at a record discount in Europe, more than $18 below the Brent International benchmark.
{snip}