Moscow has relaxed its ban on fuel exports, which was introduced to stabilise the domestic market. Analysts expect the restrictions to be lifted soon, as they could harm refinery operations and customer relations.
Oil prices fell in early trade on Friday after a recent rally, as profit-taking and expectations of supply increases by Russia and Saudi Arabia outweighed forecasts of positive demand from China during its Golden Week holiday.
Oil prices had eased about 1 percent on Thursday, as traders took profits after prices soared to 10-month highs, and some worried that high-interest rates may weigh on oil demand. The market is currently tight with the combined cuts of 1.3 million barrels per day to the end of the year by Saudi Arabia and Russia, part of OPEC+, the Organization of the Petroleum Exporting Countries and allies.
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