WASHINGTON (dpa-AFX) - Oil prices rose sharply on Friday, riding on the Biden Administration's decision to impose additional sanctions on Russia's oil exports. Optimism about increased fuel demand from icy conditions in the U.S. and Europe too contributed to the surge in oil prices.
West Texas Intermediate Crude oil futures for February closed higher by $2.65 or about 3.6% at $76.57 a barrel, the highest settlement in about three months.
Brent crude futures settled at $79.76 a barrel, gaining $2.84 or about 3.7%.
Treasury Secretary Janet Yellen said in a statement that the United States is taking sweeping action against Russia's key source of revenue for funding its brutal and illegal war against Ukraine.
According to reports, the sanctions measures by the U.S. will likely target 180 vessels and several key Russian oil firms, causing disruptions to its major buyers India and China. Sanctions are likely on major oil companies Gazprom Neft and Surgutneftegaz, and some major ship insurance providers as well as energy officials and top executives.
Data from the Labor Department showed U.S. non-farm payroll employment surged by 256,000 in December, after jumping by a downwardly revised 212,000 jobs in November.
Economists had expected employment to climb by 160,000 jobs compared to the addition of 227,000 jobs originally reported for the previous month.
The unemployment rate in the U.S. edged down to 4.1% in December from 4.2% in November. The rate was expected to come in unchanged.
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