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Rising Oil Prices And Markets Eyeing Diplomatic Developments in Ukraine

Adel 21 February, 2022 4:22 pm Commodities, Market Update

Oil prices rose slightly on Monday after fresh diplomatic efforts to resolve the Ukraine crisis brought relief to markets over supply concerns that kept oil prices close to $100 a barrel.

Brent crude futures rose 25 cents, or 0.3 percent, to $93.79 a barrel at 1000 GMT.

US West Texas Intermediate crude futures rose 35 cents, or 0.4 percent, to $91.42 a barrel.

French President Emmanuel Macron said on Monday that US President Joe Biden and Russian President Vladimir Putin had agreed in principle to hold a summit on Ukraine, but the Kremlin said there were no immediate plans for a meeting.

US markets are closed on Monday for a public holiday.

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