Monday produced a nearly 2% jump in crude oil prices over growing expectations that the U.S. sanctions on Russian oil announced last Friday by the Biden administration will force India and China to go elsewhere for their oil.
At the same time, it was a strong day for Oklahoma energy stocks as one firm soared by more than 22%.
Prices have risen more than 6% in the past three trading sessions as both Brent and WTI front-month prices soared to the highest marks in several months.
West Texas Intermediate crude rose $2.25 or 2.9% to close Monday at $78.82 a barrel on the New York Mercantile Exchange.
Brent crude, considered the global standard, went up $1.25 or 1.6% and finished Monday’s trading at $81.01 a barrel, the first time it’s been above the $80 level in several weeks.
Reuters reported it was the highest Brent close since Aug. 26 and the highest level for WIT since Aug. 12.
Natural gas prices finished down 5 cents or 1.38% to close at $3.93.
Monday turned out to be a day of gains for Oklahoma energy stocks, including Canoo with a more than 11% increase, but nothing like the 22% jump by LSB Industries, Inc.