WTI edges higher to near $70.00 on China stimulus, New EU sanctions against Russia

• WTI extends its upside to $69.95 in Thursday’s early European session. 
• A possible tightening of US sanctions on Russian oil and further China stimulus measures lift the WTI price. 
• OPEC cuts demand growth outlook for 2024-2025 for five months in a row. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $69.95 on Thursday. The WTI price edges higher amid concerns over sluggish global demand growth and possible tighter sanctions on Russia and Iran.

The Biden administration on Wednesday is considering stricter sanctions on Russia’s oil trade to increase pressure on the Kremlin, just weeks before Donald Trump returns to the White House, per Bloomberg. Additionally, the European Union agreed on a new round of sanctions against Russia on Wednesday because of its ongoing war in Ukraine. This, in turn, could tighten global crude supplies and lift the WTI price.