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Oil prices remained stable on Monday as speculation over U.S. President-elect Donald Trump easing energy sanctions on Russia to end the Ukraine conflict offset concerns of supply disruptions due to stricter sanctions. Brent crude fell 6 cents to $80.73 per barrel by 0229 GMT, while U.S. WTI crude for February rose 10 cents to $77.98, with the April contract dipping slightly to $77.38.
Prices rose over 1% last week after the Biden administration sanctioned over 100 tankers and two Russian oil firms, prompting China and India to rush for unsanctioned tankers to secure oil cargo. Analyst Tim Evans noted that higher tanker rates and tighter supply, indicated by widening backwardation, are adding pressure to the market. Brent's monthly spread in backwardation widened to $1.27 per barrel, with WTI at 63 cents.
Sanctions may reduce Russian oil exports by 1 million barrels per day in the short term, but price gains could reverse if Trump relaxes restrictions to expedite a peace deal, according to ANZ analysts. Trump, inaugurated Monday, is expected to announce policies, including ending a moratorium on U.S. LNG export licenses to boost economic growth.
Easing Middle East tensions further capped oil price gains as Hamas and Israel began a ceasefire after 15 months of conflict, exchanging hostages and prisoners.
Keywords: oil prices, Brent crude, WTI crude, U.S. sanctions, Russian oil, Trump policy, Ukraine conflict, backwardation, Middle East ceasefire.
