Oil Prices Steady in European Trading Amid U.S. Decision on Russian Oil

Oil prices remained stable during early European trading after a significant rise of nearly 5% on Thursday. According to Jin10, analysts Warren Patterson and Ewa Manthey from ING noted that the U.S. decision to permit the sale of Russian oil to India, with a lease term of 30 days, might slightly ease immediate supply pressures. However, they emphasized that this measure is not a game-changer. The exemption allows Russian crude oil and products loaded before March 5 to be sold to India, with the validity extending until April 4. They highlighted that this move is part of the U.S. government's strategy to curb the surge in oil prices.