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3/21, 12:41 PM (Source: TeleTrader)
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Oil prices gain 4% amid concerns over Ukraine crisis

Prices of oil futures rose on Monday amid the increasing concern over the crisis in Ukraine, the new regimen of sanctions, and the effects of energy disruption in global markets. WTI and Brent were up over 4%.

Earlier, Russia warned about the effects on Europe of imposing new sanctions on Russian oil imports. Meanwhile, Saudi Arabia said that the country would not be responsible for any shortage of oil supplies following recent attacks on its oil facilities by Houthi militias.

West Texas Intermediate (WTI) for deliveries in April rose by 4.18% at 7:43 am ET to sell for $109.08 per barrel. A minute later, Brent for inventories in May increased by 4.70% to go for $112.19 per barrel.

Baha Breaking News (BBN) / JG