WASHINGTON (dpa-AFX) - Oil prices were flat to slightly higher on Monday, with Brent futures touching their highest in more than three years, on expectations that supply will remain tight amid restrained output.
Benchmark Brent crude futures slipped 0.1 percent to $86.01 per barrel, after having touched its highest since Oct. 3, 2018 at $86.71 earlier in the session.
Markets were reacting to reports from the U.S. government that Russia's pattern of activity could signal a ground invasion of Ukraine within the next 30 days.
Vladimir Putin has reportedly massed about 100,000 troops at the Ukrainian border, and Western allies are trying to do their utmost to dissuade Russia's president from invading its neighbor.
A weaker dollar, unresolved issues in indirect talks between Iran and the United States on reviving the 2015 Iran nuclear deal and restrained output by major producers also supported prices and helped offset the news of China's possible oil release from reserves.
According to Reuters, China plans to release oil reserves around the Lunar New Year holidays between Jan. 31 and Feb. 6 as part of a plan coordinated by the United States with other major consumers to reduce global prices.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
