HIBAPRESS
Oil prices rose in early Asian trading today, Monday, as investors anticipate escalating tensions in the Middle East and Ukraine, which may affect supplies.
Thus, Brent crude futures rose 57 cents, or 0.94 percent, to $61.21 a barrel, while U.S. West Texas Intermediate crude rose 54 cents, or 0.95 percent, to $57.28.
Both benchmark crude oils fell more than two percent last Friday, as investors balanced the looming global supply glut and the possibility of reaching a peace agreement in Ukraine before talks early this week.
In this regard, Yang An, an analyst at Haitong Futures, said, "The continuation of geopolitical tensions is the main reason for the rise in prices, especially for the conflict in Ukraine, given the targeting of energy infrastructure over the weekend."
