Oil prices climb 2% to 4-month high with sanctions expected to disrupt Russian supplies

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The Star 1d ago

Oil prices climb 2% to 4-month high with sanctions expected to disrupt Russian supplies - The Star

Quick Summary:

NEW YORK: Oil prices climbed about 2% to a four-month high on Monday on expectations that wider U.S.sanctions on Russian oil would force buyers in India and China to seek other suppliers.

Higher interest rates, used to combat rising inflation, could also reduce demand for energy by boosting borrowing costs and slowing economic growth.

The dollar climbed to a 26-month high versus a basket of other currencies following data last week that showed U.S.job growth unexpectedly accelerated in December and the unemployment rate fell to 4.1%, which could lead to higher inflation.