Singapore January 14 2025: Oil prices eased on Tuesday but remained near four-month highs as the impact of fresh U.S. sanctions on Russian oil remained the market’s key focus.
Brent futures slipped 28 cents, or 0.4%, to $80.73 a barrel by 0400 GMT, while U.S. West Texas Intermediate (WTI) crude fell 18 cents, or 0.2% to $78.64 a barrel.
Prices jumped 2% on Monday after the U.S. Treasury Department on Friday imposed sanctions on Gazprom Neft (SIBN.MM) and Surgutneftegas as well as 183 vessels that trade oil as part of Russia’s so-called “shadow fleet” of tankers.
Meanwhile, demand uncertainty from major buyer China could blunt the impact of the tighter supply. China’s crude oil imports fell in 2024 for the first time in two decades, opens new tab outside of the COVID-19 pandemic, official data showed on Monday.
“New sanctions on Russian tankers are expected to impact crude supply to China and India, though key players in these countries are still assessing the legal situation and possible workarounds,” said Sparta Commodities’ Philip Jones-Lux.