WASHINGTON (dpa-AFX) - Oil prices rose sharply on Monday amid concerns about possible supply disruptions due to rising tensions in the Middle East, and the extreme cold weather in North America.
West Texas Intermediate Crude oil futures for February settled at $75.19 a barrel, gaining $1.78 or about 2.4%.
Brent crude futures were up $1.44 or about 1.82% at $80.00 a barrel a little while ago.
According to reports, Russian energy firm Novatek has halted operations at its Baltic Sea export terminal due to a fire caused by a drone attack.
An upward revision in its demand forecast by the International Energy Agency helped limit the uptick in oil prices a bit. OPEC has maintained its forecast for 2024 at 2.25 million barrels per day.
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