Oil at Session Highs as Russia Halts Gas to Poland

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Oil at Session Highs as Russia Halts Gas to Poland

WTI oil prices are adding to earlier gains, recently up 3.7% at a session-high $102.22 a barrel. Peter Cardillo at Spartan Capital says in a research note the latest price surge follows reports from Russian state news agency Tass that Russia is suspending gas flows to Poland, and says a decision by Biden to reverse the Trump’s administration plan to open up more oil drilling in the Arctic is also bullish. “We see these factors and another expected decline in oil stockpiles playing favorably for crude oil in the intermediate term. We see prices moving towards the $105 range.”