Market News
Oil jumps on expected hit to China and India's Russian supplies - REUTERS
Summary
- Brent and WTI prices touch August highs
- Wider US sanctions to disrupt Russian supplies
- Chinese and Indian refiners seek alternatives to Russian oil
LONDON, Jan 13 (Reuters) - Oil extended gains for a third session on Monday, with Brent crude rising above $80 a barrel to its highest in more than four months, driven by wider U.S. sanctions on Russian oil and the expected effects on exports to top buyers India and China.
Brent crude futures were up 71 cents, or 0.9%, to $80.47 a barrel by 1424 GMT after hitting the highest level since Aug. 27 at $81.68.
U.S. West Texas Intermediate crude was up 94 cents, or 1.2%, at $77.51 a barrel after touching its highest since Aug. 15 at $78.58.