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(Bloomberg) — Oil ticked larger at Monday’s open after President Donald Trump mentioned he was “very indignant” at President Vladimir Putin and threatened harder curbs on Russian crude if a ceasefire with Ukraine couldn’t be reached.
Brent’s June contract ticked towards $73 a barrel, whereas West Texas Intermediate was above $69. In feedback reported by NBC Information on Sunday, citing a cellphone name, Trump mentioned he would impose penalties if a deal on Ukraine is just not reached “and if I believe it was Russia’s fault.”
“That will be that should you purchase oil from Russia, you possibly can’t do enterprise in the US,” Trump advised NBC. “There can be a 25% tariff on all oil, a 25- to 50-point tariff on all oil.”
Russia is among the world’s three largest producers, that means any concerted try to punish Putin may have a far-reaching impact on the broader oil market. India and China, which have change into the important thing consumers since Moscow’s full-scale invasion of Ukraine, would face specific strain.
Crude exports from Russia hit a five-month excessive in March and US sanctions on the nation’s oil tanker fleet are exhibiting indicators of faltering.
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