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Highlights
- Crude oil prices rose on Monday.
- Ukraine's president declared 16 February as a "day of unity".
- The US has relocated its embassy operations from the capital Kyiv to Lviv.
Crude oil prices surged over 2% to reach fresh seven-year highs on Monday as investors are concerned about the forthcoming attack of Russia on Ukraine. Russia is the world’s largest producer of oil and gas and ongoing concerns that it could invade Ukraine have driven the rally in crude oil.
The crude oil prices hovered to US$100 per barrel, a level not seen since 2014.
Must Read: Crude oil rises on falling US crude inventories
April delivery Brent Crude oil futures last traded at US$95.98 per barrel down 0.31%, whereas March delivery WTI crude oil futures traded 0.48% down at US$95.00 per barrel as of 15 February 2022 at 12:39 PM AEDT.
Ukraine’s day of unity
Ukraine's president declared 16 February as a "day of unity". The date has been cited as a possible start of the Russian invasion, as per some western media.
President of Ukraine, Volodymyr Zelenskiy called on the citizens of the country to sing the national anthem and fly the country's flags from buildings in unison.
The dramatic build-up of Russian troops forced the US to relocate its embassy operations from the capital Kyiv to Lviv.
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On top of that, the International Energy Agency has said the gap between the OPEC+ target and actual output has been increased.
Also Read: WTI Crude surpasses US$90/bbl as frigid weather cascades across the US
Bottom Line
Crude oil prices surged nearly 2% on Monday to reach fresh seven-year high levels as investors are concerned about the forthcoming attack of Russia on Ukraine.
