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Barchart
Barchart
Rich Asplund

Crude Finishes Sharply Higher as the US Expands Sanctions on Russian Oil

Oil United States Russia OPEC

February WTI crude oil (CLG25) Friday closed up +2.65 (+3.58%), and February RBOB gasoline (RBG25) closed up +0.0466 (+2.30%).

Crude and gasoline prices Friday settled sharply higher, with crude posting a 3-month high and gasoline posting a 2-3/4 month high.  Crude rallied Friday after the US ratcheted up sanctions against Russian crude oil.  Also, Friday's stronger-than-expected US Dec payroll report signaled economic strength that supported energy demand and crude prices.   Friday's rally in the dollar index (DXY00) to a 2-year high was bearish for energy prices.

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