Oil holds near $80 as U.S. sanctions tighten supply; traders eye upcoming inflation reports for clues on Fed rate cuts.
Oil rallied to a multi-month high this week after the US tightened restrictions on Russia's energy industry and as the world prepares for the incoming Trump administration and its potential trade tariffs. Ziad Daoud from Bloomberg Economics breaks down the situation and what this could mean for oil prices.
WTI crude oil and natural gas prices continued to rally in the first quarter of 2025 due to strong seasonal demand and US sanctions on Russia.
Oil prices slipped at market open on Tuesday but remained near four-month highs as Chinese and Indian buyers sought new suppliers in the wake of the Biden administration's toughest sanctions yet on Russian oil.
Oil slipped in early Asian trade. Prices had recently extended their gains as traders fretted over tightened supplies after the U.S. imposed sanctions on Russia's energy industry, ANZ Research said.
Oil prices continued their upward climb for the third straight session on the rising geopolitical tensions.
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Oil prices regain momentum at the start of 2025 due to colder weather, falling U.S. stockpiles and additional sanctions on Russia's oil sector.
The crude oil markets continue to see buyers on Monday, as we are now pressuring the significant ceiling in the market, and as a result, this is a scenario where I think a pullback might be necessary.
Oil futures were up strongly Monday, with Brent crude on track for its first finish above $80 a barrel since August, as investors assess the potential hit to supply from a further tightening of sanctions on Russia's oil sector.
Oil prices rose to their highest in more than four months as wider U.S. sanctions against Russia's energy industry threaten to disrupt global supplies.
Brent crude hits a 4-month high at $81 as sanctions disrupt Russian oil exports. Geopolitical tensions tighten supplies, pushing markets into backwardation.