Oil prices strengthened further on Monday amid heightened concerns over the escalating European conflict, following reports that U.S. President Joe Biden’s administration has permitted Ukraine to use supplied weapons for strikes deep into Russian territory.
Brent crude futures for January delivery rose 1.05% or 74 cents to $71.78 per barrel, while WTI crude futures for December delivery increased 0.95% or 62 cents to $67.64 per barrel.
The gains were supported by a slight dip in the U.S. dollar index, which eased 0.10% to 106.59 points after two weeks of robust performance.