Oil hits more than 3-month high as US sanctions hit Russia exports
Oil prices hit their highest level in more than three months on Monday’s open, extending their rally on expectations that wider U.S. sanctions will affect Russian crude supplies to the world’s top and third largest importers China and India.
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“The last round of OFAC sanctions targeting Russian oil companies and a very large number of tankers will be consequential in particular for India,” said Harry Tchilinguirian, head of research at Onyx Capital Group.