Crude oil and refined product futures were trading higher at midday Friday over concerns stronger European Union sanctions against Russian could constrain supply.
The more active NYMEX February West Texas Intermediate contract was 65cts higher at $70.30/bbl as of 11:50 a.m. ET and the front-month January WTI contract was up by 75cts to $70.75/bbl.
London-based February Brent was 65cts higher at $74.05/bbl and March Brent added 60cts to $73.70/bbl.
Both oil benchmarks are on track for week-to-week gains of about $3, due to uncertainty in the Mideast after former Syria leader Bashar Al-Assad fled to Moscow, ending his 24-year rule over the country. In addition, Chinese data this week showed a jump in oil imports.
The NYMEX February RBOB contract was up by 1.05cts to $2.008/gal and January RBOB was 1.25cts higher at $2.001/gal. The NYMEX February ULSD added 2.8cts to $2.2705/gal and January ULSD was 2.95cts higher at $2.266/gal.
EU leaders on Wednesday agreed to a new package of sanctions on Russia and the Biden administration is also mulling additional measures on the Kremlin, according to news reports.
In addition, several press outlets said Britain, France and Germany are considering additional international sanctions on Iran to prevent Tehran from acquiring nuclear weapons.
The International Energy Agency on Thursday raised its 2025 oil demand estimates, citing the expected impact of China's stimulus measures, but said the pace of growth is expected to remain subdued.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
12-13-24 1244ET
