Crude oil futures ended sharply higher on Monday, magnifying previous sessions’ gains, amid potential supply risks after the U.S. imposed sweeping sanctions on Russia’s oil exports. A private report said crude inventories likely fell by about 3.5 billion barrels in the week to January 10. The Biden administration last week imposed new sanctions on Russian oil producers Gazprom Neft and Surutneftegas, and their subsidiaries. Sanctions have been imposed on more than 180 vessels, and several oil traders, insurance companies and energy officials.
Benchmark crude oil futures for February rose $2.25 or about 3 percent to settle at $78.82 a barrel on the New York Mercantile Exchange. Brent crude for March delivery surged $1.25 or about 1.56 percent to settle at $81.01 a barrel on London's Intercontinental Exchange.
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