Brent crude futures gained $2.23 to $79.15 a barrel by 1130 GMT, while U.S. West Texas Intermediate crude futures advanced $2.19 to $76.11
Oil prices surged on Friday and were on track for a third straight week of gains as traders focused on potential supply disruptions from more sanctions on Russia and Iran.
“There are several drivers today. Longer term, the market is focused on the prospect for additional sanctions,” said Ole Hansen, head of commodity strategy at Saxo Bank. “Short term, the weather is very cold across the U.S., driving up demand for fuels.” “That would be the farewell gift of the Biden administration,” said PVM analyst Tamas Varga. Existing and possible further sanctions, as well as market expectations of draws on fuel inventories because of the cold weather, are driving prices higher, he added.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil spill in Kerch Strait after two Russian oil tankers seriously damaged in stormTwo Russian oil tankers have been seriously damaged following a storm in the Kerch Strait, spilling oil and sparking an emergency rescue operation.
Read more »
Thousand of volunteers help with cleanup efforts after oil spill along Russia’s Black Sea shorelineThe spill is one of the worst ecological disasters to hit the region in years
Read more »
Volunteers struggle to clear spilled oil on Russia’s Black Sea coastThe oil spilled from two aging Russian oil tankers that were severely damaged by a weekend storm in the Kerch Strait
Read more »
Oil Spill in Kerch Strait Triggers Emergencies in Crimea and RussiaAn oil spill from two storm-stricken tankers in the Kerch Strait has led to regional emergencies in both Russia's southern Krasnodar region and Sevastopol, the largest city in occupied Crimea. The spill, which occurred nearly three weeks ago, has resulted in widespread cleanup efforts involving thousands of people and heavy machinery.
Read more »
Biden approves national security memo aimed at helping Trump on China, Iran, North Korea and RussiaThe guidance was shaped to be a document that could help the next administration build its approach from day one on how it will go about dealing with United States’ most prominent adversaries and competitors
Read more »
Oil Prices Rise on Tightening Supplies and U.S. DemandOil prices climbed on Wednesday, driven by reduced supply from Russia and OPEC members, coupled with a decline in U.S. crude oil inventories and an increase in U.S. job openings.
Read more »