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Oil jumps on fresh warnings over Ukraine-Russia conflict -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A crude oil pump seen near Strasbourg at sunset, on 6/10/2017. REUTERS/Christian Hartmann

Sonali Paul

MELBOURNE (Reuters – Oil prices rose by more than $1 Monday, fueled by rising jitters regarding potential conflicts between Russia and Ukraine. Both the United States of America and the European Union have made clear that Russia will face sanctions if it invades its neighbor.

Ursula von der Leyen, President of the European Commission, stated that Russia will be isolated from financial markets around the world and would not have access to important exports necessary to modernise their economy in case it invades Ukraine.

Futures rose $1.34 or 1.4% to $94.88 per barrel at 2312 GMT, after reaching a peak of $95.00 early trade.

U.S. West Texas Intermediate oil futures (WTI), were at $92.75/barrel, up 1.8% after hitting an all-time high of $92.93.

Vivek Dahar, an analyst at Commonwealth Bank said in a note that if Russia invades as U.S.A./K. has warned recently, Brent futures may spike to above $US100/bbl.

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