Oil nudges higher after Russia-Ukraine tensions escalate

– Oil prices rose on Monday after fighting between Russia and Ukraine escalated over the weekend, although concerns about fuel demand in China, the world’s second-largest consumer, and a global oil surplus The forecast had an impact on the markets. Brent crude futures added 18 cents. , or 0.3%, was at $71.22 a barrel by 0713 GMT, while U.S. West Texas Intermediate crude futures were up 6 cents, or 0.1%, at $67.08 a barrel. On Sunday, Russia in about three monthsIn a significant shift in Washington’s policy in the Ukraine-Russia conflict, President Joe Biden’s administration is using U.S.-made weapons to push Ukraine deeper into Russia, two U.S. officials and a source familiar with the decision said Sunday. Allowed. The reaction was swift from the Kremlin, which has warned that it would view Ukraine’s move to loosen limits on US arms use as a major escalation.. Biden’s allowing Ukraine to attack Russian forces with long-range missiles around Kursk could be a geopolitical bid. Going back into oil because it’s an increase in tensions there, in response to North Korean troops coming into the field,” said Tony Sycamore, analyst at IG Markets.Saul Kavonek, energy analyst at MST Marki, said: “There has been little impact on Russian oil exports so far, but if Ukraine were to target more oil infrastructure that would push oil markets higher.” At least three refineries in Russia, five industry sources said Brent and WTI fell last week after weak data from China and forecasts from the International Energy Agency on export curbs, rising crude prices and borrowing.