Oil prices edge higher after Russia-Ukraine tensions escalate
Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets.
Brent crude futures gained 20 cents, or 0.3%, to $71.24 a barrel by 0130 GMT, while U.S. West Texas Intermediate crude futures were at $67.11 a barrel, up 9 cents, or 0.1%.
In a significant reversal of Washington's policy in the Ukraine-Russia conflict, President Joe Biden's administration has allowed Ukraine to use U.S.-made weapons to strike deep into Russia, two U.S. officials and a source familiar with the decision said on Sunday.
There was no immediate response from the Kremlin, which has warned that it would see a move to loosen the limits on Ukraine's use of U.S. weapons as a major escalation.
«Biden allowing Ukraine to strike Russian forces around Kursk with long-range missiles might see a geopolitical bid come back into oil as it is an escalation of tensions there, in response to North Korean troops entering the fray,» IG markets analyst Tony Sycamore said.
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