3/21, 4:14 PM (Source: TeleTrader)
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Oil prices extend rise, Brent goes up by 6%

The prices of oil futures continued to record gains on Monday amid Russia's ongoing military intervention in Ukraine and its effects on the global energy market.

The increase comes after Russian Energy Minister Alexander Novak warned the price of the commodity could rise to between $300 and $500 per barrel if the West decides to ban oil from his country.

Brent for deliveries in May advanced by 6.17% at 10:54 am ET to sell for $114.56 per barrel. A minute later, West Texas Intermediate (WTI) for settlements in April grew by 5.52% to go for $106.16 per barrel.

Baha Breaking News (BBN) / JR