Crude oil rises as heightened geopolitical risks exacerbate supply concerns

Oil prices rose in Asian trading on Monday on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine, while a shrinking US rig count added to upward price pressure.

Brent crude futures climbed 39 cents, or 0.5 per cent, to $85.82 a barrel at 0759 GMT. US crude futures gained 40 cents, or 0.5 per cent, to $81.03 per barrel.

Both benchmarks fell less than 1 per cent last week versus the previous week. A stronger US dollar, which rose about 1 per cent over the last week, has kept a lid on prices.