BISMARCK, N.D. (KUMV) - The North Dakota Department of Mineral Resources said don’t expect the sudden oil price jump to have any long-term impacts.

Earlier this week, President Donald Trump imposed sanctions on the two biggest Russian oil companies as a way to end the war in Ukraine.

It caused the oil markets to rise by three to four dollars.

Department Director Nathan Anderson says he sees this as a short-term increase as global oversupply remains the biggest factor for lower prices.

“If it was long-term, I would most certainly think that it would increase prices back into the Bakken, but short-term, I don’t see that happening,” said Anderson.

The price of WTI oil sits around 62 dollars Friday morning, about five dollars higher than it was at the start of the week.

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