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Russia has decided to impose a temporary ban on oil product imports, Reuters reported on Monday, citing Interfax news agency.

No further details have been yet reported on the matter.

Market reaction

Crude oil’s reaction to this headline was muted. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $33.45, losing 0.4% on a daily basis.

Last week, the WTI gained 12.67% and closed the fourth straight week in the positive territory. In May, the WTI is up around 75%.