WASHINGTON (dpa-AFX) - Oil prices climbed higher on Monday on concerns about likely shortage in supplies due to an escalation in Russia - Ukraine war and a production halt at Norway's Johan Sverdrup oilfield due to power outage.
A weak dollar contributed as well to the rise in oil prices.
West Texas Intermediate Crude oil futures for December closed higher by $2.14 or about 3.2% at 69.16 a barrel.
Brent crude futures were up $2.31 or 3.27% at $73.35 a barrel a little while ago.
Investors weighed the risk of supply disruptions after fighting between Russia and Ukraine intensified over the weekend.
A 'massive' Russian missile and drone attack has targeted power infrastructure across Ukraine, the country's President Volodymyr Zelensky has said.
According to a Reuters report, work was underway to re-establish production in the Sverdrup oilfield, but it was not immediately clear when it would resume.
The outage was caused by smoke developing in an onshore electricity converter station which sends power to phase 1 of the Johan Sverdrup development, according to a spokesperson. The situation was quickly clarified, but resulted in a temporary shutdown of production on the whole Johan Sverdrup field, he said.
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