Oil Gains on Russia Sanctions, Distillate Strength

Oil futures have increased for the third consecutive session, driven by concerns regarding the impact of sanctions on Russia and positive movements in distillate futures. Despite ongoing worries about oversupply in the market, these factors have contributed to a rise in oil prices, highlighting the complex dynamics at play in the global oil market. This trend is significant as it reflects how geopolitical events and commodity market movements can influence oil pricing, impacting economies and consumers worldwide.