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Highlights
- Crude oil prices rose on Monday.
- On Monday, Russian force killed a group of five saboteurs who breached Russia’s southwest border from Ukraine.
- Oil prices are once again heading up, as the optimism of the US-Russia meeting fades.
Crude oil prices rose on Monday over the stand-off between the US and Russia over the Ukraine matter, triggering the oil prices to clear their path to advance towards US$100/bbl.
On Monday, Russian force killed a group of five saboteurs who breached Russia's southwest border from Ukraine. At the same time, Ukraine called it a piece of fake news.
May delivery Brent Crude oil futures last traded at US$94.35 per barrel down 0.33%, whereas April delivery WTI crude oil futures traded 3.03% up at US$92.94 per barrel as of 22 February 2022 at 12:59 PM AEDT.
Must Read: Crude oil hits fresh seven-year high amid Russia-Ukraine tension
Oil supply concerns
The rising tension between Russia and Ukraine has triggered crude oil supply tension as the US and European Commission confirmed to impose sanctions on Russia, it invades Ukraine.
Emmanuel Macro, the French President said on Monday that U.S. President Joe Biden and Russian President Vladimir Putin had agreed in principle to a summit over Ukraine, but with no immediate plans.
Oil prices are once again heading up, as the optimism of the US-Russia meeting fades. At the same time, OPEC along with its allies is struggling to produce up to its agreed quota, further raising supply concerns.
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Currently, all eyes are on salvaging Iran's 2015 nuclear deal with world powers on the verge of finalisation, but success depended on the political will of those involved.
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Bottom Line
Crude oil prices rose on Monday as the rising tension between Russia and Ukraine has triggered crude oil supply worries in the market.