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U.S. sanctions on Russian oil giants cause oil prices to rise.
Jin10 data reported on October 23, institutions analyzed that after the United States announced sanctions against Russia's largest oil producer, oil prices jumped at the beginning of trading on Thursday. With signs indicating that the recent dumping was excessive and that the decline in U.S. crude oil inventories helped ease concerns about oversupply, oil prices have rebounded from the five-month low reached on Monday. Nevertheless, due to ongoing signs of global oversupply still putting downward pressure on prices, crude oil futures are expected to record a third consecutive month of decline.