Specifically, Russian oil is at a five-week low.
Trading Economics 7/29/24, statistics website updated daily, “Urals Oil”, https://tradingeconomics.com/commodity/urals-oil#:~:text=Russian%20Urals%20oil%20has%20dropped%20to%20around%20%2476,by%20renewed%20ceasefire%20negotiations%20in%20the%20Israel-Hamas%20conflict., vivi!
Russian Urals oil has dropped to around $76 per barrel, reaching a new 5-week low. This decline aligns with a general downward trend in crude oil prices since mid-July, driven by renewed ceasefire negotiations in the Israel-Hamas conflict. Ceasefire efforts in Gaza, facilitated by Egypt and Qatar, have gained momentum, with Israeli Prime Minister Netanyahu indicating that conditions for a deal are improving. Meanwhile, the Russian government has discussed with Havana the construction of an oil refinery in Cuba in collaboration with Russian companies.