The price of crude oil surged for the second consecutive day. Today they price settled up $2.25 or 2.94%. The catalyst? US sanction on Russian oil.
The details:
Crude: Crude hit a 5-month high, driven by new U.S. sanctions on Russian crude, which threaten to tighten global supply.
U.S. Sanctions: New sanctions targeted Russian oil firms (Gazprom Neft, Surgutneftgas) and their export chains, impacting 30% of Russian crude transported via tankers in 2024.
Russian Crude Exports: Weekly Russian crude exports fell by 190,000 bpd to 2.88 million bpd (as of January 5), supporting higher crude prices.
Tanker Storage Decline: Crude stored on stationary tankers dropped by 4.8% (to 50.59 million barrels) as of January 10, which is bullish for prices.
Future Sanctions: The prospect of additional sanctions on Iranian and Russian oil under a potential "maximum pressure" policy could further limit supply and support prices.
Technically, the price moved above a downward sloping trend line and up to the 61.8% of the move down from the April high at $79.07 and up to an intraday high at $79.24. That was the highest level since mid-August. The run higher has seen some profit taking into the close/settlement. However, in the new trading day, getting and staying above the 61.8% retracement at $79.07 would add to the bullish bias.
Conversely if sellers do lean against the 61.8% retracement we could see a rotation back down toward the broken trend line area near $77.50.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about crude oil futures settle at 78 82 was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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