London — Oil prices clawed back losses to rise more than 2% on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as Moscow and Kyiv held peace talks.
Crude’s price recovery “suggests the oil market, at least, has a strong degree of scepticism about any ‘progress’” in the peace talks, Commonwealth Bank analyst Tobin Gorey said in a note. “We would see an additional 1-million barrels per day of Russian production at risk if relations with Europe worsen and an oil embargo is put in place, though we still see this as unlikely,” consultancy JBC Energy said in a note.
Russia’s top legislator on Wednesday warned the EU that oil, grain, metals, fertiliser, coal and timber exports could soon be priced in roubles. Russia previously demanded that “unfriendly” countries pay in roubles for its gas.
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