BREAKING: Oil jumps as Russia announces fuel export ban

Russia informed today that it will enact a temporary ban on gasoline and diesel exports. This will be a full ban and will take effect from today (September 21, 2023). It was explained that the decision on a ban is driven by willingness to lower prices for domestic consumers in Russia. However, details are scarce at this point. It should be noted that delivery contracts are usually long-term in nature and real question is how, and whether, the ban will apply to those.

Oil is recovering after from declines made yesterday and today during the Asian session. WTI (OIL.WTI) climbed above $90 per barrel while Brent (OIL) trades near $93 per barrel.

Source: xStation5