Oil prices are rising as Ukrainian forces resist Russian attacks, while major oil producers have said they are finding it difficult to produce the quotas they have been given under a supply deal.
Brent crude rose 1.8% to $ 109.89 a barrel, after rising 1.2% last Friday.
US West Texas Intermediate was up 2% at $ 106.79 a barrel, up 1.7% on Friday.
Prices moved higher as the Deputy Prime Minister of Ukraine, Iryna Verschuk said that there is no possibility of the country’s forces surrendering to the besieged Mariupol.
With little sign of easing the conflict, the focus is on whether the market will be able to replace the Russian oil barrels hit by the sanctions.
“The market continues to worry about supply problems, with data suggesting they are already having an impact,” said ANZ analysts.
The latest OPEC + report showed that some producers still do not meet the agreed quotas for the supply of oil.
The two OPEC countries that have the capacity to increase production immediately, Saudi Arabia and the United Arab Emirates, have so far resisted calls from major countries to increase production faster to help lower oil prices. .
Source: Capital
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