The crude market has awakened, with buyers firmly in control as Brent futures break the 200-day moving average, raising questions if prices will hit $85.
Biden's new sanctions on Russian oil producers complicate supply, pushing prices higher as logistical challenges for Russia mount, impacting Trump's energy pricing goals.
The cold snap and recent inventory draw have spurred buying activity in crude, while sellers retreat, leading to rising prices with relative ease and momentum.
The backwardation in both Brent and WTI futures incentivizes long position holders to maintain their investments, suggesting a probable continuation of higher crude prices.
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