Despite retreating slightly on Tuesday morning, crude oil prices retained most of their recent gains as the impact of the latest round of U.S. sanctions against the Russian energy industry is felt. According to analysts, the sanction package could reduce the supply of Russian oil globally by between 700,000 and 800,000 barrels daily—a volume sufficient to keep the benchmarks higher. At the time of writing, Brent crude was trading at $80.34 per barrel, with Wet Texas Intermediate at $78.24 per barrel, slightly down from Monday’s close…
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