Oil News

Crude jumps to $81 on Russia’s threat to cut supply to Belarus

Crude jumps to $81 on Russia’s threat to cut supply to Belarus

Crude Oil is trading at $81.57 as of 21:01pm, GMT, with a bearish trend. Crude’s Pool-Position is 34% Long, meaning that most Finotec clients are selling the commodity.

Russia said it had resumed flows of crude to refineries in Belarus but it did not clinch a deal to resolve a tense price dispute with Minsk that raised fears oil supplies to European Union countries might be blocked. Russia’s foremost energy official, Igor Sechin, told Prime Minister Vladimir Putin on Monday their country had restarted supplying refineries in neighboring ex-Soviet Belarus on January 3, but there were still “no signed agreements” with Minsk. The spat has raised the specter of another winter of supply disruptions for EU customers such as Germany, which buys 15 percent of its oil from the arm of the Druzhba pipeline that goes to Europe through Belarus. Crude Oil is trading at $81.57 as of 21:01pm, GMT, with a bearish trend. Crude’s Pool-Position is 34% Long, meaning that most Finotec clients are selling the commodity.