Oil prices have surpassed $80 a barrel for the first time since August, as U.S. inventories have fallen, and new sanctions on Russia have begun to affect crude flows.
West Texas Intermediate crude contracts for February delivery rose 3.3% to settle at $80.04 a barrel in New York, and Brent crude contracts for March delivery rose 2.6% to settle at $82.03 per barrel.
Russian oil buyers are increasingly turning to other suppliers, with countries including India saying they would prevent sanctioned oil tankers from unloading at their ports, following the toughest U.S. sanctions on Moscow's oil.
In China's largest oil importer, companies have stepped up supply purchases from the Middle East and elsewhere in preparation for unrest, shipping costs have risen, and U.S. physical pricing patterns have also shifted.
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