WTI up as Putin bans oil supply

Crude oil prices are up on Tuesday, helped by the ruling optimism that pushes most stock markets into the green. Easing Chinese covid-related restrictions, as the local government puts the focus on economic growth, boosted sentiment. Still some news agencies report that the Chinese health system is stressed amid the exponential number of new cases. Nevertheless, a good mood prevails.

Oil is finding additional support from Russian news, as President Vladimir Putin signed a decree that bans the sale of Russian oil to countries that imposed the oil price cap. It will run from February 1 to July 1. There are reports softening the headline and noting that it does not necessarily imply oil exports to the countries that have formal bans.

At the time being, West Texas Intermediate trades at $80.69 a barrel, its highest since December 5, easing from an intraday high of $81.18.