![]() In the fallout from Russia's invasion, which it calls a "special operation," Western sanctions have failed to deter China and India from buying Russian crude. They had stalled because of Russian demands. ![]() The talks to revive the nuclear accord could lead to the lifting of sanctions on Iran's oil sector and allow Tehran to resume crude exports. "In this current situation, it is hard to see how crude oil prices are not being under-priced."Īlso on Tuesday, Russia said it has written guarantees it can carry out its work as a party to the Iran nuclear deal, suggesting Moscow would allow a revival of the tattered 2015 pact to go ahead. "Whilst reports of promising talks are to be welcomed, it is hard to see how either side at this stage would be prepared to make concessions that would be acceptable to any party," said a research note from Kpler. The ensuing sell-off drove prices lower but many expect volatility to continue. On Tuesday a Ukrainian negotiator said talks with Russia over a ceasefire and withdrawal of Russian troops from Ukraine are ongoing. Numerous buyers have shunned Russian barrels since the invasion, sparking fears of a disruption of millions barrels of daily crude supply. ![]() Russia is the world's largest exporter of crude and fuels. They had been in overbought conditions during early March. ![]() On technical charts, both contracts moved the closest to oversold territory since December. ![]()
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