Oil rally continues as Russia-Ukraine tension mounts
By Mascha Cenia
On Monday, oil prices surged, building on last week’s gains on evidence of sustained global demand and rising tensions over Ukraine, which threaten to disrupt the energy supply.
Brent, the benchmark for two-thirds of the world’s oil, jumped to $91.24 a barrel at 8.24 a.m. UAE time, while West Texas Intermediate, the standard for US crude, gained to $88.01 a barrel.
Crude has been strong in recent weeks as geopolitical tensions in Eastern Europe have increased. After Russia stationed thousands of troops near Ukraine’s border, the Pentagon has placed 8,500 US troops on high alert.
Russia increased its army presence over the weekend, signaling a possible escalation that may halt the flow of goods.
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