Crude oil prices are beginning the trading week at $73 U.S. a barrel, a one month low for the energy commodity.
West Texas Intermediate (WTI) crude oil, the U.S. standard, is trading at $73.48 U.S. a barrel.
Brent crude oil, the international benchmark, is at $80.22 U.S. a barrel.
WTI crude is sitting at its lowest level in a month after Turkey halted oil flows to the Ceyhan export terminal on the Mediterranean coast following a major earthquake in the country.
The disruption in oil flows comes amid ongoing optimism about stronger Chinese consumption coming out of pandemic lockdowns.
A European ban on imports of Russian oil products in response to the war in Ukraine came into effect on February 5. The measure is coupled with a price cap on crude oil that’s designed to curb Russia’s revenues.
Oil has had a rough start to 2023 as the Organization of Petroleum Exporting Countries (OPEC) has maintained supply cuts. In December, the price of WTI crude oil had been above $80 U.S. a barrel.
Investment bank Goldman Sachs (GS) recently reiterated its forecast that crude oil prices will rise above $100 U.S. a barrel this year.
