Less shine: Pipework sits illuminated at night at a crude oil processing facility in Russia. US has sanctioned a unit of Russia’s Rosneft PJSC, threatening to crimp the nation’s ability to export crude. — Bloomberg
SINGAPORE: Oil jumped back above US$58 a barrel and was set for the longest run of gains in more than a year, as United States sanctions on Russia’s largest producer and conflict in Libya shifted the focus to supply threats from virus-driven demand concerns.
The US sanctioned a unit of Russia’s Rosneft PJSC for maintaining ties with Venezuela’s president and its state-run oil company, threatening to crimp the nation’s ability to export crude. In Libya, fighters loyal to eastern military commander Khalifa Haftar shelled Tripoli’s port, forcing a halt to shipping and leading to the suspension of cease-fire talks.
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