Oil prices rose Monday as concerns grew about tighter global supply, with the deepening crisis in Ukraine raising the prospect of heavier sanctions by the West on top exporter Russia.
Brent futures were up $1.50, or 1.3 per cent, at $113.20 a barrel at 6 am, and US West Texas Intermediate futures rose 98 cents, or 0.9 per cent, to $107.93 a barrel. Ahead of the Easter weekend holidays, both contracts gained more than 2.5 per cent on Thursday on news that the European Union might phase in a ban on Russian oil imports.
EU governments said last week the bloc’s executive was drafting proposals to ban Russian crude, but diplomats said Germany was not actively supporting an immediate embargo.
