- Brent traded over $96/Bbl Sunday evening before paring gains Monday morning
- Oil prices remain volatile as geopolitical tensions over Ukraine brings uncertainty
- Presidents Joe Biden and Vladimir Putin talked over the weekend in an effort to calm tensions
- The U.S. has warned a Russian attack on Ukraine may be imminent, although Russia has denied plans to invade
- The tensions have helped elevate oil prices in an already tight crude market
- “I can see the risk premium building together with the tensions in eastern Europe,” said Hans van Cleef, an economist at ABN Amro Bank
- OPEC+ members producing below their oil output quotas need to pump more to balance the oil markets, said IEA head Fatih Birol (Bloomberg)
- Increasing production from the U.S., Canada, and Brazil hasn’t been enough to ease high energy prices, Birol said at a conference in Cairo