The price of oil (CLS10) experienced a significant rise at the beginning of trading on Monday (January 13, 2025) after a notable jump last Friday. The price surged to $78.36 per barrel, marking the highest level in the past three months. Compared to last Friday’s closing, oil increased by $1.62.
Last Friday, oil saw an increase of over $2 following the announcement of sanctions by the United States against the Russian crude oil industry.
“The United States is imposing sanctions on sources of funding for the brutal and illegal war in Ukraine,” stated U.S. Treasury Secretary Janet Yellen, as reported by CNBC on Friday (January 10, 2025).
These sanctions target major oil companies, including Gazprom Neft and Surgutneftegas, along with their subsidiaries. Additionally, the sanctions affect more than 180 tanker vessels and several Russian individuals associated with the energy sector.
Meanwhile, gold prices recorded a four-day consecutive increase last Friday, despite the non-farm payrolls (NFP) data in the United States being released significantly higher than forecasted and the unemployment rate seeing a decline.
Gold’s four-day rally reflects market participants’ concerns about the prevailing economic uncertainty in the U.S. and globally this year, especially due to the unclear policies that the newly elected President Donald Trump might implement.
However, during today’s trading session, gold prices began to decline as investors engaged in profit-taking after reaching a one-month high.
