HomeBusinessOil prices clamber towards 7-year highs on Russia-Ukraine tensions

Oil prices clamber towards 7-year highs on Russia-Ukraine tensions

SINGAPORE : Oil prices rose on Monday, climbing towards their highest ranges in additional than seven years on fears {that a} doable invasion of Ukraine by Russia might set off sanctions from U.S. and Europe and disrupt power exports from the world’s high producer.

Brent crude futures was at $95.73 a barrel by 0109 GMT, up $1.29, or 1.4per cent, after earlier hitting an intraday excessive of $95.91. U.S. West Texas Intermediate (WTI) crude rose $1.49, or 1.6per cent, to $94.59 a barrel, hovering close to a session-high of $94.92.

Comments from the United States about an imminent assault by Russia on Ukraine have rattled world monetary markets.

Russia might invade Ukraine at any time and may create a shock pretext for an assault, the United States mentioned on Sunday.

“If … troop movement happens, Brent crude won’t have any trouble rallying above the $100 level,” OANDA analyst Edward Moya mentioned in a be aware.

“Oil prices will remain extremely volatile and sensitive to incremental updates regarding the Ukraine situation.”

Investors are additionally watching talks between the United States and Iran to revive the 2015 nuclear deal.

However, a senior Iranian safety official mentioned on Monday that progress in talks was turning into “more difficult”.

In the United States, the strong oil prices are encouraging power companies to ramp up output as they added probably the most oil rigs in 4 years final week, power companies agency Baker Hughes Co mentioned on Friday.

(Reporting by Florence Tan; Editing by Kenneth Maxwell)



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