Crude oil prices hold steady, Russia rolls back diesel export ban

Oil prices were stable but on course for a week-on-week loss, as demand fears due to macroeconomic headwinds were compounded by another partial lifting of Russia’s fuel export ban.

On Friday, Brent futures were down 11 cents, or 0.13%, at $83.96 at 1203 GMT, while U.S. West Texas Intermediate crude futures were down 13 cents, or 0.16%, at $82.18.

Russia announced on Friday that it had lifted its ban on diesel exports for supplies delivered to ports by pipeline, under the proviso that companies sell at least 50% of their diesel production to the domestic market.

Almost three quarters of Russia’s 35 million tonnes of diesel exports were delivered via pipeline in 2022.