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Commodities

Russian ESPO Oil Price Tops $120 Amid China Demand Surge

Guavy AI Editorial Team
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Oil
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Russia's ESPO Blend crude oil price has surpassed $120 per barrel for the first time since April, driven by rising demand from China amidst energy supply disruptions in the Middle East.

The surge in demand comes as China increased its purchases of Russian oil to anticipate potential shortages from Saudi Arabia ahead of winter fuel consumption. In response, US Congress approved a bill allowing tariffs on Russian oil imports to limit war funds in Ukraine.

Despite this, traders believe the tariff restrictions could lead to higher oil prices and boost Russia's energy revenue. The premium of ESPO Blend oil against ICE Brent benchmark has reached an all-time high of $20-$30 per barrel.

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