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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added $2.65 to $76.57 on the New York Merc, while Brent for March (after briefly topping $80) settled up $2.84 to $79.76, both benchmarks notching a weekly gain (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.90 to WTI, up from a discount of $15.90. Natural gas for February added 28 cents to $3.98. The TSX energy index added 2.96 points to close at 283.53.

Oil prices had a boisterous end to the week, surging to a three-month high as markets braced for supply disruptions from a sweeping U.S. sanctions package targeting the Russian energy sector. Today the Biden administration imposed its broadest sanctions yet against Moscow's production and distribution chains, taking aim at Russian oil producers, tankers, intermediaries, traders and ports. The package comes days before president-elect Donald Trump's inauguration on Jan. 20. A White House official told the press that it is "entirely" up to Mr. Trump as to whether, when and on what terms he might lift any Biden-era sanctions.

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