Oil wipes gains after Russia amends export restrictions

Oil drilling rigs

Crude oil reversed its intra-session gains today, Sept. 25, after Russia amended its ban on fuel exports and as investors studied demand outlook following possible monetary tightenings.

Russia made changes to its fuel export ban including lifting restrictions on fuel used as bunkering for some vessels and on diesel with high sulphur content, just days after Moscow first announced the restrictions.

Christyan Malek, JP Morgan Securities Head of EMEA Oil and Gas Equity Research, said that the recent rise in Brent prices could continue until it reaches $150 a barrel by 2026.

Speaking about energy security, Harold Hamm, Founder of Continental Resources, called for the uncertainty in US oil and gas regulations to end, as changes lead to rise in costs.

Mike Wirth, CEO of Chevron, also confirmed that American energy policy hinders oil production.

Meanwhile, Jan Hatzius, Chief Economist at Goldman Sachs, wrote in a note that he anticipates consumption growth to slow during the fall and winter, but not decline due to higher oil prices.

Brent crude futures for November delivery closed at $93.29 per barrel, after rising during the day to $94.25.

WTI crude for November delivery decreased by 0.4%, or 35 cents, to record $89.68 per barrel, after it increased during the session to $90.83.