Oil rises on pressure from the Ukrainian conflict and lack of supply in the market

Oil prices rose $2 on Monday as Ukrainian forces withstood violent Russian attacks while major oil producers said they were struggling to produce their quotas under a supply agreement.

Brent crude futures rose $1.96, or 1.8 percent, to $109.89 a barrel by 0039 GMT, adding to its 1.2 percent rise last Friday.

US West Texas Intermediate crude futures rose $2.09, or 2 percent, to $106.79, to continue rising by 1.7 percent last Friday.

Prices rose after Ukraine’s Deputy Prime Minister Irina Vereshchuk said early on Monday that there was no chance of troops surrendering in the besieged eastern port city of Mariupol.

The focus has returned to whether the market will be able to compensate for Russian oil production, which has been hit by sanctions, with little sign of the conflict abating.

The latest report issued by the OPEC + group showed that the production of some countries still did not reach the agreed level of their production quotas. Three sources told Reuters that OPEC + did not achieve the target level of its production by more than one million barrels per day in February, according to its agreement to increase production. 400 thousand barrels per day every month.