West Texas Intermediate rose toward $80 a barrel after closing little changed on Tuesday. Moscow’s restrictions will begin Feb. 1 and last until at least July 2023, according to the decree. The guidelines avoid extreme measures — such as imposing a minimum price or prohibiting certain countries from purchases — that the market had feared would seriously disrupt trade.
Oil is heading for a modest gain in 2022 after a volatile year that saw prices surge following Russia’s invasion of Ukraine and then gradually pull back as fears of a global slowdown grew. More recently, China’s rapid unwinding of its strict Covid Zero policy and a resulting severe virus wave have hit a market that’s prone to sharp swings due to a lack of liquidity.
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