Oil climbs on pressure from Ukraine conflict, tight market
Oil prices jumped $2 on Monday as Ukrainian forces dug in against heavy Russian attacks, while major oil producers reported they are struggling to produce their allotted quotas under a supply agreement.
Brent crude futures climbed $1.96, or 1.8%, to $109.89 a barrel at 0039 GMT, adding to a 1.2% rise last Friday.
U.S. West Texas Intermediate (WTI) crude futures rose $2.09, or 2%, to $106.79, extending a 1.7% jump last Friday.
Prices moved higher after Ukraine’s deputy prime minister, Iryna Vershchuk said early on Monday there was no chance that the country’s forces would surrender in the besieged eastern port city of Mariupol.
