Early-Year Strength In Oil Markets Likely To Continue

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. Brent crude for March delivery rose to above $82 per barrel this afternoon, while WTI crude for February delivery gained topped $80 per barrel. The rise took front-month Brent above the key 200-day moving average (currently $ 78.98/bbl for the continuous front-month contract) for the first time since July.  Last week, Reuters reported that a purported U.S. Treasury document circulating…