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[ING: Oil Prices Gradually Ease As Market Weighs Impact Of U.S. Sanctions On Russia] Oil Prices Eased Slightly In Early Trading After Reaching Multi-Month Highs, As The Market Weighed The Impact Of U.S. Sanctions On Russian Supply. However, Both Benchmarks Remain Elevated Amid Signs Of Tight Market Conditions, With Short-Term Crude Contracts Outperforming Longer-Term Ones, A Phenomenon Known As Backwardation. "These Sanctions Could Potentially Reduce Supply By Up To 700,000 Barrels Per Day, Wiping Out The Surplus We Had Forecast For This Year. However, The Actual Decline In Flows May Be Smaller As Russia And Buyers Find Ways To Circumvent These Sanctions," ING Analysts Wrote In A Report.
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