Oil hits 7-yr highs, fueled by Russia's troop buildup near Ukraine
Shafaq News / Oil prices rose on Monday to their highest in more than seven years as fears grew that Russia could attack Ukraine in the near future.
Brent crude rose 55 cents to $94.99 a barrel by 1:18 p.m. EST (1817 GMT), after touching its highest since October 2014 at $96.16.
U.S. West Texas Intermediate (WTI) crude rose 85 cents to $93.95 a barrel, after hitting $94.94, the loftiest since September 2014.
Comments from the United States about an imminent attack by Russia on Ukraine have rattled global financial markets.
Russia could invade Ukraine at any time and might create a surprise pretext for an attack, the United States said on Sunday. The nation has amassed thousands of troops near Ukraine's borders, but Moscow denies it plans to invade and has accused the West of hysteria.
The oil market cooled briefly after Ukrainian Ambassador Vadym Prystaiko said Ukraine was prepared to make some concessions to Russia. However, prices resumed their upward momentum soon after.
Supplies have been stretched as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, have struggled to deliver monthly pledges to increase output by 400,000 barrels per day (bpd) until March.
International Energy Agency (IEA) chief Fatih Birol urged OPEC+ to close the gap between words and its actions.
Source: Reuters
