Oil prices rise on anticipation of sanctions against supplies from Russia

World oil prices on Monday morning slightly increased after the sanctions against petroleum products came into force. Price growth was also influenced by expectations of additional demand from China.

The price of April futures for Brent crude rose by 0.31% to $80.19 per barrel, and March futures for WTI went up by 0.2% to $73.54.

The sanctions of some countries on supplies from Russia came into force on February 5: the European Union (EU) prohibits the import of petroleum products, while the EU and the G7 countries set a price ceiling for them. The decision of the European Union to impose an embargo on both oil products and oil was made in the summer. Oil sanctions came into force on December 5, and fuel sanctions became effective two months later

As for the outlook for global oil demand, Fatih Birol, head of the International Energy Agency (IEA), said at the weekend that China's economy could show a more robust recovery than expected, boosting that demand.

China is one of the world's largest importers and consumers of oil, so the state of its economy significantly impacts the prospects for oil demand.