Crude oil price climbs on expected drop in Russian exports, offsets US storm impact
Oil prices rose on Friday on expectations of lower Russian crude exports from the Baltic region in December, offsetting worries that a looming Arctic storm across the United States could snuff out transport fuel demand growth this holiday season.
Brent crude rose 88 cents, or 1.1%, to $81.86 a barrel by 0148 GMT, while U.S. West Texas Intermediate crude was at $78.41 a barrel, up 92 cents, or 1.2% higher. Russia’s Baltic oil exports could fall by 20% in December from the previous month after the European Union and G7 nations imposed sanctions and a price cap on Russian crude from Dec. 5, according to traders and Reuters calculations.
