As Russian crude struggles to find customers, oil prices are rising approaching $130.
On Wednesday, oil surged near $130 a barrel, bolstered by fears of a supply shock after the United States’ embargo on Russian oil imports, as well as hints that some buyers are already avoiding the market.
The US put an embargo on Russian oil imports on Tuesday, while the UK announced it would phase them out and Shell declared it would no longer buy Russian crude. According to JP Morgan, roughly 70% of Russian seaborne oil was unable to find customers. (Reuters)