[Truman]

Oil prices rose sharply overnight ($79.71/bbl, +1.65, +2.1%) following reports that Russia is aiming to lower its March oil output by 500,000 barrels, according to Bloomberg, in response to sanctions.

WTI crude oil futures, which reached $80.33/bbl earlier, trade at $78.84/bbl now.

Natural gas futures are up 1.3% to $2.46/mmbtu.