Russia says it is ready to sell oil to 'friendly countries in any price range'

''Shulginov said crude prices in the range of $80 to $150 a barrel were in principle possible but said Moscow was more focused on ensuring the oil industry continues to function, Interfax said.''

Meanwhile, crude oil rallied on Tuesday after Russia vowed to continue its offensive in Ukraine.

President Vladimir Putin said on Tuesday that peace talks with Ukraine had hit a dead end. Instead, Putin promised that Russia would achieve all of its “noble” aims in Ukraine. “We have again returned to a dead-end situation for us,” Putin told a news briefing during a visit to the Vostochny Cosmodrome 3,450 miles (5,550 km) east of Moscow.

“We don't intend to be isolated,” Putin added. “It is impossible to severely isolate anyone in the modern world - especially such a vast country as Russia.”

''This raises the spectre of continued risk of supply disruptions in the oil market,'' analysts at ANZ Bank said.

''Europe, Russias major customer of its crude exports, has been reluctant to implement sanctions due to its heavy reliance on the fuel. The Energy Information Administration added to the bullish sentiment by lowering its forecast for US crude output in 2022 and 2023 as shale producers grapple with higher production and labour costs''.