NEW YORK: Oil prices rose about 2 percent to a four-month high on Monday on expectations that broader U.S. sanctions on Russian oil would force buyers in India and China to look for other suppliers.
Brent futures rose $1.40, or 1.8 percent, to $81.16 a barrel at 11:18 a.m. EST (1618 GMT), while U.S. West Texas Intermediate (WTI) crude rose 2 .15, or 2.8 percent, to $78.72.
That put Brent on track for its highest close since Aug. 26 and WTI on track for its highest close since Aug. 12, and kept both benchmarks in technically overbought territory for the second day in a row.
Additionally, with front-month Brent and WTI prices rising about 7 percent over the past three trading sessions, the premium of front-month contracts over later-dated futures, known in the energy industry as spreads time, it soared to its highest level in several months.
The US Treasury imposed broader sanctions on Russian oil producers late last week.
Published in Amanecer, January 14, 2025.
