USO rises 2.23% to $151.50 a share
Russia's deputy PM Novak says Russia has supplied the EU with $21.3 billion in energy this year and that OPEC+ has discussed rising transport costs
Published
Brent crude is up 1.84% at $106.65 a barrel in afternoon trading, a gain of $1.93 on the session.
The move follows a run higher last week: on Thursday, October 8, Brent extended gains to as much as 5% intraday, trading above $105 a barrel. Today's gain puts the contract further above that level and closer to the highs that have framed trading for weeks.
Russia's deputy prime minister, Alexander Novak, says Russia has supplied energy worth $21.3 billion to the EU so far this year. He also says OPEC+ has discussed transportation costs, which he says have risen significantly.
A near 2% move in a single session is large enough to matter for near-term positioning. Without a specific driver attached to today's gain, the size of the move is itself the notable fact: it points to renewed volatility in the oil complex rather than a quiet grind higher. Moves of this size tend to pull refined products and energy equities along with them, and they keep crude in focus for traders who had been watching for a break out of the recent range.