Commodities
Oil Gains on Potential Tighter Russian Sanctions, Algo Buying
- Algo buying triggered by steady prices after product buildups
- Outlook for global supply-demand balance grows more muddled
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Oil rose on the possibility of tighter sanctions on Russian crude, and algorithmic buying activity extended gains after US inventory data kept prices above a key technical floor.
West Texas Intermediate climbed 2.5% to settle above $70 a barrel, the highest close in more than two weeks. The market shrugged off swelling US gasoline and distillate stockpiles and OPEC’s demand revision. Brent rose 1.8% to settle above $73.50. The US benchmark also breached its 50-day moving average after the market close.