Oil prices advanced on Monday as investors monitor geopolitical tensions, Trend reports citing Xinhua.
The West Texas Intermediate (WTI) for March delivery added 2.36 U.S. dollars, or 2.5 percent, to settle at 95.46 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery increased 2.04 dollars, or 2.2 percent, to close at 96.48 dollars a barrel on the London ICE Futures Exchange.
Concerns about an escalation of Russia-Ukraine tensions are driving oil prices up noticeably, Carsten Fritsch, energy analyst at Commerzbank Research, said Monday in a note.
Traders also digested a closely-watched report by the International Energy Agency (IEA).
In its monthly report released on Friday, the IEA revised its forecast for global oil demand this year considerably upwards.