Oil prices hold high as Russia restricts fuel exports

Oil prices remained high on September 25, after hitting a seven-week high in the previous session.

A Russian oil refinery. Photo: TheMoscowtimes.com/TTXVN

The market was boosted by news that Russia would restrict fuel exports until the end of the year. However, gains were capped by fresh US economic data that dampened expectations of further interest rate cuts by the US Federal Reserve.

At the end of the session, Brent crude oil price increased by 11 US cents (0.16%) to 69.42 USD/barrel. Meanwhile, US light sweet crude oil price (WTI) decreased by 1 US cent (0.02%) to 64.98 USD/barrel.

Both benchmarks rose 2.5% on Monday to their highest since August 1 after data showed a surprise weekly draw in U.S. crude inventories. Concerns about potential supply disruptions from Ukraine’s attacks on Russian energy infrastructure also supported prices.

Oil prices continued to rise after Russian Deputy Prime Minister Alexander Novak announced that the country would impose a partial ban on diesel exports until the end of the year, while also extending the current ban on gasoline exports. The decision was made after a series of Ukrainian drone attacks on Russian oil refineries.

The latest data from the US Department of Commerce's Bureau of Economic Analysis showed that US GDP last quarter was revised up to 3.8%. This information somewhat cooled the heat of the oil price rally.

The initial market reaction to the news was a sell-off, according to senior analyst Phil Flynn at Price Futures Group.

Oil prices are under pressure from rising supply expectations as the market expects more oil from Iraq and the Kurdistan region. The Kurdistan Regional Government has announced that it will resume oil exports within 48 hours, after reaching a tripartite agreement between the Iraqi Oil Ministry, the KRG Ministry of Natural Resources and production companies.

The resumption of supplies from Kurdistan has raised concerns about oversupply, pushing oil prices away from seven-week highs, said senior market analyst Priyanka Sachdeva at Phillip Nova.

Source: https://baotintuc.vn/thi-truong-tien-te/dau-giu-gia-o-muc-cao-do-nga-han-che-xuat-khau-nhien-lieu-20250926080316884.htm