WASHINGTON (dpa-AFX) - Crude oil futures moved sharply higher during trading on Monday, more than offsetting the decrease seen over the two previous sessions.
After slumping $1.05 or 1.7 percent to $60.79 a barrel last Thursday and Friday, crude for June delivery shot up $1.73 or 2.9 percent to $62.52 a barrel.
The substantial rebound by the price of crude oil came amid escalating geopolitical tensions and reports of more U.S. sanctions on Moscow.
Fears of supply disruptions pushed oil prices higher as Ukraine launched a major drone strike on Sunday, destroying 40 key Russian aircraft, including the Tu-95 and Tu-22 M3 long-range bombers capable of deploying conventional and nuclear weapons as well as the A-50.
Markets were also reacting to reports that there was a bipartisan push in U.S. Congress to impose more sanctions on Russia's oil industry, this time pressuring major buyers such as China and India.
While members of OPEC+ also agreed over the weekend to increase production by 411,000 barrels per day in July, fears of a faster unwind process have recently weighed on oil prices.
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