Crude oil price increased before Biden’s ‘farewell gift’, is there any connection with Russia?

Crude Prices High: There was a rise in oil prices today amid the news of America imposing sanctions on Russian oil. Along with this, oil prices continue to rise for the third consecutive week. Brent crude futures today rose $ 2.50 or 3.3 percent to its all-time high of $ 79.42 per barrel in the last three months. While US West Texas Intermediate crude futures rose $2.39 or 3.2 percent to $76.31.

America is going to impose strict sanctions on Russia

According to Reuters, America is going to impose the harshest sanctions ever on Russia’s oil industry, under which sanctions will be imposed on 180 ships, dozens of traders, two big Russian oil companies and some big officials associated with Russia’s oil sector. It is being told that Reuters has given this information on the basis of documents received from the US Treasury. This document is being circulated among oil traders in Europe and Asia. However, Reuters has not been able to confirm this yet.

Biden will give his farewell gift

America’s new President Donald Trump is going to take oath on January 20. It is expected that before this, the government of current President Joe Biden will tighten sanctions against Russia and Iran amid the decline in US oil reserves. PVM analyst Tomas Varga said about this, this will be the farewell gift of the Biden administration. He also informed that due to the news of this possible ban as well as the cold weather, there has been a decrease in the fuel stocks, due to which the supply in the market is not matching the demand and hence the prices are increasing.

Demand for heating fuel increased

The US Weather Bureau estimates that central and eastern parts of the country will have below average temperatures. Many areas of Europe are also in the grip of extreme cold and the beginning of this year is also expected to be colder than normal. In such a situation, due to increasing demand for heating fuel, prices have increased.

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