Crude oil slips as Russia lifts export ban

Crude oil slips as Russia lifts export ban

Crude oil futures edged lower Monday after Russia announced some relaxations to its fuel export ban, but energy stocks mostly moved up, with energy stocks topping the day's S&P sector standings by a comfortable margin.

Russia lifted a ban on fuel used as bunkering for some ships and on diesel with high sulfur content, a government document showed just days after the government first announced the restrictions.

Most analysts expect that Russia's ban on gasoline and diesel will be short-lived and completely lifted by the end of the harvest next month.

The U.S. dollar index also surged, rising to its highest since November 2022.

Front-month Nymex crude for November delivery closed -0.4% to $89.68/bbl, its fourth loss in five sessions but still the seventh higher settlement value this year, while front-month Brent crude finished nearly flat at $93.29/bbl, also its seventh best settlement YTD.

Crescent Energy +0.6.8%, Murphy Oil +2.3 percent, EOG Resources +2.4%, Range Resources +2.2%, Coterra Energy +2 percent, Devon Energy +1.9% and the top EOG Energy fund +1.2%.

Navellier said he would not comment on the latest news.

Experts at Truist upgraded the energy sector to Overweight from neutral, saying the sector's forward earnings momentum has flipped positive after a negative year for the entire year.

Valuations remained reasonable and the sector recently made a five-month price hike relative to the broader market, which Truist said was a sign of market leadership.