Oil held an advance as the US indicated that a softer market may allow for further sanctions on Russia’s energy sector.
West Texas Intermediate traded above $70 a barrel, after rising 2.5% on Wednesday, while Brent closed near $73. US Treasury Secretary Janet Yellen said that relatively low prices might allow further action against Russia’s ability to raise war revenue from its energy sector. The Biden administration is weighing new, harsher sanctions, according to people familiar with the matter.
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