(Bloomberg) — Oil steadied after a weekly gain as the US signaled tighter sanctions on Russian crude and Chinese authorities vowed to shore up the nation’s economy.
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Brent crude traded above $74 a barrel after rising almost 5% last week, while West Texas intermediate was near $71. The US and its allies could consider lowering the $60 per barrel price cap on Russian oil to further limit its access to funds for the war in Ukraine, Treasury Secretary Janet Yellen said in an interview with Reuters.
Crude has been caught in a tight range since the middle of October, as geopolitical concerns are allayed by expectations of a glut next year and a dour outlook from China. The Asian nation’s regulators over the weekend vowed further action to boost the economy of the biggest oil importer, adding to recent tailwinds that include the threat of “maximum pressure” on Iran from President-elect Trump’s pick for national security adviser.
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