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Oil jumps on expectations new US sanctions to cut Russian supply
Oil prices extended gains for a third session on Monday, with Brent rising above $81 a barrel to its highest in more than four months, as wider U.S. sanctions are expected to affect Russian crude exports to top buyers China and India. Brent crude futures climbed $1.48, or 1.86%, to $81.24 a barrel by 0113 GMT after hitting an intraday high of $81.49, the highest since Aug. 27. U.S. West Texas Intermediate crude rose $1.53, or 2% to $78.10 a barrel after touching a high of $78.39, the most since Oct. 8. Brent and WTI have risen by more than 6% since Jan. 8 and both contracts surged after the U.S. Treasury imposed ... (full story)