- Crude oil is up 3.69% today, trading at $76.62 at the time of writing.
- The price of oil reaches three-month highs after the increase in United States sanctions against crude oil from Russia.
Crude oil hit a daily low of $74.00, finding buyers who pushed the price to a three-month high of $77.81. Currently, crude oil is trading at $76.67, marking its second consecutive session on the rise.
The price of crude oil soars after the imposition of new sanctions on Russian oil producers
The Treasury Department has increased sanctions on oil from Russia, specifically on producers Gazprom Neft and Surgutneftegas. These new measures aim to further restrict Russia’s oil operations, slowing global crude oil supply and increasing geopolitical uncertainty.
Crude oil prices record a daily gain of 3.69%, currently trading at $76.67, reaching a high not seen since October 8, 2024 at $77.81.
Technical levels in crude oil
Crude oil established short-term support given by the January 9 low at $72.82. The next major support is at $68.41, the December 20, 2024 low. To the north, the closest resistance is at $78.43, the October 8 pivot point.
Crude Oil 4-hour chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
