Crude oil prices on Monday jumped as geopolitical tensions in Eastern Europe and the Middle Eastern lead to concerns of tighter supply outlook.
U.S. WTI futures jumped 0.77% to $88.58 per barrel while Brent futures jumped by 0.69% to $85.73 per barrel.
“Investors remained bullish due to geopolitical risk between Russian and Ukraine as well as in the Middle East while OPEC+ continued to fail to reach its output target,” said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd as reported by Reuters.
Saito also added, “An expectation for higher heating oil demand in the United States amid cold weather also added to pressure,”.
Concerns about a possible Russian attack on Ukraine, the U.S. State Department pulling out family members of its embassy staff in Kyiv.