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Oil is tearing higher today, rising nearly 5% to its best levels since October. WTI crude oil is up $3.60 to $77.49 while Brent has cracked $80.
A Reuters report appeared to halt the move as it said the US would impose sanctions on 180 vessels carrying Russian crude, dozens of traders and two major oil companies. The document was said to be circulating among traders and was said to be from the US Treasury. Reuters could not confirm its identity.
There is also a sense that Biden will increase sanctions on Iran before he leaves office.
In addition, the US is experiencing a cold snap that some models indicate will continue through the end of the month. That could lead to good freezing and high demand for brewing.
Technically, it looks like a big bounce from the bottom near $67 but WTI needs to break the October high of $78.46 to prove it.
