WASHINGTON (dpa-AFX) - Crude oil prices climbed higher on Monday amid concerns about oil supply after Russian President Vladmir Putin said he will station tactical nuclear weapons in neighbor and ally Belarus, and Iraq halted some of its crude exports from Kursistan region.
'Russia's nuclear rhetoric is dangerous and irresponsible,' NATO spokeswoman Oana Lungescu said on Sunday.
News that First Citizens BancShares Inc. will buy all deposits and loans of Silicon Valley Bridge Bank, and the U.S. Financial Stability Oversight Council's remarks that the U.S. banking system was 'sound and resilient', lifted sentiment in global markets.
West Texas Intermediate Crude oil futures for May ended higher by $3.55 or about 5.1% at $72.81 a barrel.
Brent crude futures were up $3.03 or 4.06% at $77.62 a barrel a little while ago.
Iraq's decision to halt exports from Kurdistan resulted in a loss of 450,000 barrels per day, or about half a percent of global oil supply.
Optimism about an increase in China's crude imports this year contributed as well to the rise in oil prices.
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