Oil prices stabilize as US sanctions on Russia loom
Oil prices have finally leveled off after weeks of drops, mainly because global supply is rising and the US just hit major Russian oil companies with new sanctions.
Brent crude is back above $63 a barrel, while West Texas Intermediate is still under $60.
OPEC and its partners—including Russia—are easing production cuts to pump out more oil before taking a break next quarter.
US oil drilling is picking up
US oil drilling is picking up too, which has some people worried there'll be more oil than anyone needs.
Meanwhile, those fresh US sanctions on Russian giants Rosneft and Lukoil are all about squeezing Russia's revenue during the Ukraine war.
Hungary even won an exemption from the curbs after talks with Washington because it relies so much on Russian energy.
With big market reports from OPEC and the International Energy Agency dropping soon, everyone's watching to see what happens next.