Oil Price Rally Continues After U.S. Sanctions Russia’s Biggest Oil Sellers

The oil price rally that kicked off last week after the Biden administration announced the harshest sanctions yet on Russian oil has carried over into the new week. WTI crude for February delivery was up 3.0% to change hands at $78.77 per barrel while Brent crude for March delivery was trading at $81.18 per barrel at 12.00 pm ET, good for a 1.8% increase. Last week, Reuters reported that a purported U.S. Treasury document circulating among traders in Europe and Asia, revealed that some 180 vessels, several senior Russian oil executives, dozens…