Crude oil prices were on the rise on Monday as West Texas Intermediate marked a second consecutive day of gains while Brent pushed toward its top value in about seven days, according to Bloomberg.
Ongoing strife between western nations and Russia regarding Crimea's secession from Ukraine prompted WTI's advance as the trade week began, which was as high as 0.7 percent. Both climbed in value after Russia finalized the annexation of Crimea late last week.
"Supply risks should still lend support to the oil prices," states a Monday report authored by head of commodities research Eugen Weinberg with Commerzbank AG in Frankfurt, according to Bloomberg. "If the West were to impose additional sanctions on Russia, this could – at least theoretically – curb Russian oil exports and justify a certain price premium."
At 8:57 a.m. on Monday, WTI crude oil futures rose 0.54 percent, a 54-cent lift to $100 per barrel. Brent crude oil futures advanced 0.32 percent, a 34-cent uptick to $107.26 per barrel.
Reuters reports Brent crude oil futures' gains were tempered by speculation about reduced demand from China, the globe's second-largest consumer of the energy commodity.
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