- Oil edges higher ahead of Russian sanctions deadline
- WTI gained 41 cents to trade near $59.85 per barrel early Thursday as the market positioned ahead of new US sanctions on Rosneft and Lukoil that begin Friday
- EU officials signaled additional action is possible after top diplomat Kaja Kallas said the bloc is examining ways to limit Russia’s so-called shadow fleet
- ICE Futures Europe announced that diesel cargoes from refineries in India and Turkey will be banned if those facilities processed Russian crude within the prior 60 days
- Russian product exports continued to weaken with seaborne shipments averaging about 1.7 MBbl/d in the first half of November, the lowest since the Ukraine invasion as sanctions and refinery attacks increasingly disrupt flows
- US crude inventories fell to 424.2 million barrels, the first draw since late October
- Cushing stocks declined for a second straight week and are now at the lowest level in roughly a month
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