Oil prices closed higher on Monday, hitting a high of more than seven years as investors continued to watch the Ukraine crisis unfold without any prospect of escalating tensions despite intense diplomatic efforts.
The Russian foreign minister was in favor of continuing talks with the West on Ukraine, but the United States and Europe insist that all indications are that Moscow is preparing for an attack. The White House warned late last week that a Russian invasion could happen “at any time.” The United States even gave its allies a specific date for the Russian invasion, February 16, which was confirmed by Ukrainian President Volodymyr Zelensky. In speech todaythe leader of Ukraine stated that he was informed about a Russian attack this Wednesday.
In this climate of extreme uncertainty, March crude for March delivery gained $ 2.36, or 2.5%, to close at $ 95.46 a barrel on the New York Mercantile Exchange. This is the highest level since the beginning of September 2014.
Brent April, meanwhile, added $ 2.04, or 2.2%, to close at $ 96.48 a barrel on ICE Futures, climbing to its highest level since late September 2014.
March gasoline also recorded strong gains of 1.5% at $ 2,779 a gallon. The March delivery contract jumped 6.5% to $ 4,195 per million British thermal units.
Source: Capital
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