WASHINGTON (dpa-AFX) - Crude oil prices recorded a massive jump on Monday amidst renewed concerns about disruptions to global supplies. The U.S. action on oil tankers off the coast of Venezuela as well as fears of the conflict between Russia and Ukraine impacting crude oil supplies weighed on sentiment. Both Brent and WTI are trading with gains of more than 2 percent on Monday amidst lingering fears of a blockade of sanctioned Venezuelan oil tankers as well as disruption to oil supplies from Russia.
Brent Oil Futures for February settlement is currently trading at $61.82, having jumped 2.2 percent from the previous close of $60.47. The day's trading ranged between $60.75 and 61.85. The 52-week trading had ranged between $58.4 and $82.63.
Brent has gained 2.1 percent over the past week but is still trading with losses of 0.21 percent over the past month. Year-to-date losses are a little more than 17 percent. Brent oil is currently down more than 26 percent from the levels three years ago.
West Texas Intermediate (WTI) Crude Oil Futures for February settlement also rallied 2.3 percent from the previous close of $56.52 to trade at $57.83. Prices ranged between a high of $57.84 and a low of $56.78 in the day's trading. Trading has ranged between $54.98 and $80.59 over the past 52 weeks.
With weekly gains of 1.8 percent, losses over the past month have decreased to 0.41 percent. Year-to-date losses are a little less than 19 percent. Prices are currently more than 27 percent below the levels three years ago.
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