For instance, Russian oil exporters like Rosneft OJSC, Lukoil PJSC and Gazprom Neft PJSC could see prices of Urals crude blend rise from the recent lows. The heightened tensions “has the potential to disrupt Russian oil supplies via the Bosporus and Dardanelles Straits,” Ehsan Ul-Haq, a senior analyst at KBC Energy Economics, told Bloomberg.
A slightly lower U.S. dollar also supported prices Tuesday. The U.S. Dollar Index, which tracks the USD against a basket of other currencies, was 0.3% lower to 99.5. Since oil is priced in dollars, the commodity is cheaper for foreign traders as the USD depreciates.
United States Oil Fund
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Max Chen contributed to this article.