Reuters
Oil prices tick higher as Russia-Ukraine war escalates
Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China and forecasts of a global oil surplus in 2025 capped price gains. Brent crude futures were up 62 cents, or 0.87%, to $71.66 a barrel at 1357 GMT, while U.S. West Texas Intermediate crude futures were at $67.52 a barrel, up 50 cents, or 0.75%. In a significant reversal of Washington’s policy in the Ukraine-Russia conflict, President Joe Biden’s administration has allowed Ukraine to use U.S.-made weapons to strike deep into Russia, two U.S. officials and a source familiar with the decision said on Sunday.