Oil jumps over $ 70 a barrel after the ceiling of Russian crude prices has been lowered

Global oil prices drove over the $ 70 per barrel level by the European Union decision to lower the ceiling of Russian oil prices as part of an unprecedented sanction package on Moscow to minimize sources to finance its war against Ukraine. Brent Raw Global Crude circulated at 07:58 AM London time at $ 70.21 a barrel, after rising more than 1% in the previous session, while the US Western Texas -Tussenty rough ascended more than $ 68 a barrel. On the other hand, strong US data has helped calm the fear of an economic slowdown, which strengthened and contributed to the risk of risk to the increase in global markets. Futures of oil and diesel still trade in the “” “months” pattern in the nearby trade curve, which means that traders pay higher prices to ensure direct supplies, reflecting the narrow in the market, although the “OPEC+” coalition is still rapidly reducing the stock. The US stocks are low, oil has won during July until now, after the rise in May and June. In recent reports, Morgan Stanley and Goldman Sachs said that the high global supply of crude oil does not necessarily reflect an abundance in the offer, as the congestion has occurred in areas that do not affect much in determining prices. “Although global stocks have increased significantly, the shares in price centers, especially in the United States, are still very low,” Dan Stroevin, head of oil research at Goldman Sachs, told Bloomberg. He pointed out that the market concentration has the risk of low supplies.