Oil prices hit a three-week high on Monday as rising Chinese imports and expectations of fresh U.S. sanctions on Russia buoyed market sentiment.
Brent crude rose by 58 cents, or 0.8%, to $70.94 per barrel, while U.S. West Texas Intermediate (WTI) gained 59 cents, or 0.9%, reaching $69.04 by 09:00 GMT.
The rally was driven by increased crude imports from China — up 7.4% year-on-year in June to 12.14 million barrels per day — as well as investor anticipation of U.S. President Donald Trump’s planned “major statement” on Russia. The statement follows Trump’s recent pledge to supply Patriot air defence systems to Ukraine.
UBS analyst Giovanni Staunovo said both China's import figures and U.S. geopolitical positioning were supporting oil markets. Meanwhile, a bipartisan U.S. bill advancing in Congress, aimed at imposing tighter sanctions on Moscow, and the European Union's forthcoming 18th sanctions package — expected to include a lower price cap on Russian oil — added to supply-side concerns.
However, analysts at J.P. Morgan warned that with China’s storage levels near peak, some inventories may shift to visible Western hubs, potentially putting downward pressure on prices in the longer term.
Last week, Brent and WTI recorded gains of 3% and 2.2%, respectively, following an IEA report suggesting that the global oil market may be tighter than headline figures indicate. Traders are also closely watching developments in ongoing U.S.-EU trade and tariff talks that could further impact global energy flows.
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Two people were found dead at the Los Angeles home of actor-director-producer Rob Reiner, with law enforcement treating the deaths as an apparent homicide, the Los Angeles Police Department (LAPD) said on Sunday (14 December).
Hong Kong’s High Court on Monday found pro-democracy campaigner and media tycoon Jimmy Lai guilty of conspiracy to collude with foreign forces and to publish seditious material under a China-imposed national security law, a ruling that could see the 78-year-old jailed for life.
Chileans head to the polls on Sunday for a presidential runoff that could deliver the country’s strongest move to the right since the end of military rule in 1990, as crime and security dominate voter concerns.
Authorities have named the father and son suspected in the Bondi beach mass shooting as Sajid Akram 50 who died at the scene and son Naveed Akram 24.
The Oligarch’s Design is an investigative documentary exploring how financial power, political influence and carefully constructed narratives can shape conflict and public perception.
Turkish President Recep Tayyip Erdoğan reiterated his offer to host Ukraine-Russia peace talks in Ankara, at his meeting with Russian President Vladimir Putin. The talks took place on the sidelines of the international Forum for Peace and Trust in Ashgabat, Turkmenistan, on Friday (12 December).
Russia’s human rights commissioner, Tatyana Moskalkova, has said that Ukraine has not provided Moscow with a list of thousands of children it alleges were taken illegally to Russia, despite the issue being discussed during talks in Istanbul.
Iranian authorities have seized a foreign tanker carrying more than 6 million litres of smuggled fuel in the Sea of Oman, detaining all 18 crew members on board.
An explosive device found in a vehicle linked to one of the alleged attackers in Bondi shooting has been secured and removed according to Police. The incident left 12 people dead.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 15th of December, covering the latest developments you need to know.
Thailand has stopped fuel shipments passing through its border with Laos over fears they were being diverted to Cambodia, as fierce fighting between the two neighbours shows no sign of easing.
Two people were found dead at the Los Angeles home of actor-director-producer Rob Reiner, with law enforcement treating the deaths as an apparent homicide, the Los Angeles Police Department (LAPD) said on Sunday (14 December).
Hong Kong’s High Court on Monday found pro-democracy campaigner and media tycoon Jimmy Lai guilty of conspiracy to collude with foreign forces and to publish seditious material under a China-imposed national security law, a ruling that could see the 78-year-old jailed for life.
At least 17 people, including students, were killed and 20 others injured after a school bus fell off a cliff in northern Colombia on Sunday, authorities said.
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