(Bloomberg) — Oil held steady after a weekly gain as the U.S. signed tough sanctions against Russia and Chinese authorities vowed to boost the economy.
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Brent crude traded above $74 a barrel after rising nearly 5% last week, while West Texas Intermediate was near $77. The US and its allies may consider lowering the price of Russian oil by $60 to further limit its access to military financing in Ukraine, Treasury Secretary Janet Yellen said in an interview with Reuters.
Crude has been held in strong positions since mid-October, as political tensions are eased by expectations of a glut next year and prospects for China. Asian leaders over the weekend vowed further action to boost the oil exporter’s economy, adding to the latest turmoil that includes threats of “extreme pressure” on Iran from President-elect Trump’s appointment as national security adviser.
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