Oil Markets Largely Unfazed by Political Turmoil of Trump's First Week

Oil prices have remained relatively rangebound following Trump's first week in office despite a significant amount of media noise and political news.- The ramifications of the Biden administration’s sanctions on Russia’s shadow fleet continue to roil oil markets, with the Brent-Dubai spread traded on ICE Futures expanding to its widest since at least 2015.- The Middle East’s Dubai medium sour benchmark traditionally trades at a discount to Brent, but panic buying from Indian and Chinese refiners sent it to a $2.1 per barrel premium…