News Oil Updates – crude rises as heightened geopolitical risks exacerbate supply concerns

TOKYO: Oil prices rose in early Asian trading on Monday on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine, while a shrinking US rig count added to upward price pressure, according to Reuters.

Brent crude futures climbed 52 cents, or 0.6 percent, to $85.95 a barrel at 6:59 a.m. Saudi time. US crude futures gained 55 cents, or 0.7 percent, to $81.18 per barrel.

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