Oil prices rose today, Monday, after experiencing a wave of volatility at the beginning of trading amid increasing concerns about a potential conflict between Russia and Ukraine. The United States and the European Union have clarified that Russia will face sanctions if it invades its neighbor. After touching $95 per barrel for April Brent crude futures, prices slightly decreased by 0.01% to $93.53 per barrel, before rising again close to $94.
U.S. West Texas Intermediate crude futures for March increased by 1.8% to $92.75 per barrel in early trading, but later trimmed these gains to reach an increase of 0.26% to $91.33 per barrel. Analyst Vivek Dar from Commonwealth Bank noted in a memo, "If a Russian invasion occurs as warned by the United States and the United Kingdom in recent days, Brent crude futures could rise above $100 per barrel."
