A view shows Chao Xing tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights
Prices ease after rising close to 10% since the start of the year
Markets eye US data releases this week
Sanctions could take 700,000-800,000 bpd of Russian crude off market, analysts say
Jan 14 (Reuters) – 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 main focus, ahead of U.S. inflation data this week.
Brent futures slipped 53 cents, or 0.7%, to $80.48 a barrel by 0746 GMT, while U.S. West Texas Intermediate (WTI) crude fell 44 cents, or 0.6% to $78.38 a barrel.
Prices jumped 2% on Monday after the U.S. Treasury Department on Friday imposed sanctions on Gazprom Neft (SIBN.MM), opens new tab and Surgutneftegas as well as 183 vessels that trade oil as part of Russia’s so-called “shadow fleet” of tankers.