18 Dec, 23

Oil Prices Climb As Russian Exports Drop and Tankers Avoid the Red Sea

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Crude oil prices began the week with a 1% gain in mid-morning trade in Asia as the latest news about Red Sea ship attacks sparked concern about the security of oil shipments. At the same time winter weather in Russia has affected oil exports negatively, adding to oil’s upwards potential, Reuters reported today, citing an IG analyst. Russia suspended more than 60% of Urals loadings because of a storm and scheduled maintenance on Friday, the report said. Meanwhile, four of the world’s largest shipping lines announced the suspension of…

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