WTI crude price benefits from Putin’s ban on oil supply

Crude oil prices are up on Tuesday, helped by the ruling optimism that pushes most stock markets into the gain territory.

China has also eased covid-related restrictions, as the local government puts the focus on economic growth, and this consequently boosted the overall market sentiment. Some news agencies report that the Chinese health system is stressed amid the exponential number of new infections. However, a relatively good mood does prevail.

Oil is finding additional support from the Russian front, after President Vladimir Putin had signed a decree banning the sale of Russian oil to countries that imposed the oil price cap.

The said decree shall come into force as of February 1 through July 1. There are reports softening the news headline and noting that it does not necessarily imply oil exports to the countries that have formal bans.

At the time being, West Texas Intermediate trades at $80.69 a barrel, its highest since December 5, easing from an intraday high of $81.18.