Crude oil settles at $76.57 ...Middle East

New U.S. sanctions targeting Russia's oil exports helped to contribute to the rise. The Biden administration imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegas, their subsidiaries, over 180 vessels, oil traders, oilfield service providers, and energy officials to curb Russia's revenue used to fund the war in Ukraine. Treasury Secretary Janet Yellen emphasized the move as a significant escalation in sanctions on Russia's oil trade.

Additionally, a major Chinese port's ban on sanctioned tankers from Russia and Iran could drive China to seek alternative crude sources, adding pressure to global supply chains.

On the topside, the price moved up to test a trend line at $77.56. The high price reached $77.80 but rotated back lower. The 50% midpoint of the range for 2024 comes in at $76.44. The price is closing just above that level (bullish).

Buyers are more in control.

This article was written by Greg Michalowski at www.forexlive.com.

Read More Details
Finally We wish PressBee provided you with enough information of ( Crude oil settles at $76.57 )

Also on site :

• Beloved '90s Country Singer, 64, Is Unrecognizable in Recent Performance
• Meet Scottie Scheffler’s Wife, Meredith Scudder
• World Bank says Saudi Arabia and Qatar have paid off Syria’s outstanding debt