Crude oil prices rose sharply on Friday on rising expectations the EU sanctions will result in a substantial drop in Russian crude supply.
West Texas Intermediate Crude oil futures surged $2.07 to $79.56 a barrel.
Brent crude futures were up $3.56 or 4.4% at $84.54 a barrel a little while ago.
The EU ban on Russian crude imports and a G7 price cap on Russian seaborn oil exports came into effect in the first week of this month. This is expected to result in Russia's Baltic oil exports falling by 20% in December.
Russia's deputy prime minister Alexander Novak has reportedly said Russia is likely to cut oil output by 5-7% in early 2023.
Traders also noted news about the cancellation of over 4,400 U.S. flights over a two-day period as a big winter storm that is barreling across the U.S. is likely to threaten travel plan during the holiday season.
