TOKYO: Oil prices jumped on Monday as geopolitical tensions in Eastern Europe and the Middle East heightened concerns about an already tight supply outlook, while OPEC and its allies continued to struggle to raise their output.
Both crude benchmarks rose for a fifth week in a row last week, gaining around 2 per cent to hit their highest since October 2014. Prices are up more than 10 per cent so far this year already on the concerns over tightening supplies. Fuelling fears of supply disruption in Eastern Europe, the United States on Sunday said it was ordering the departure of eligible family members of staff from its embassy in Ukraine and said all citizens should consider leaving due to the threat of military action from Russia.
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