Oil prices climb sharply as Russian export ban adds to supply worries
Russia announced on Thursday that it had temporarily banned exports of gasoline and diesel to most countries beyond four ex-Soviet states with immediate effect.
This announcement, described by Moscow as a measure to stabilise the domestic fuel market, follows the extension of a combined 1.3 million barrels per day cut from Russia and Saudi Arabia until the year-end, which is set to substantially limit oil supplies in the coming months. The warning ramped up concerns that rising interest rates will weigh on economic activity and oil demand from the largest crude consumer in the world in the coming months.
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