SINGAPORE: Oil prices rose more than 1% on Monday as a key pipeline supplying the United States stayed shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports.
Brent crude futures were up 30 cents, or 0.4%, to $76.40 a barrel by 0300 GMT. US West Texas Intermediate crude was at $71.53 a barrel, up 51 cents, or 0.7%.
The price gains on Monday for Brent and WTI follow declines in both grades last week to their lowest since December 2021 amid concerns that a potential global recession will impact oil demand.
