Crude oil futures settle higher amid fears of sanctions on Russian crude
Trump has indicated that he is moving to the second phase of punishing Russia
Crude oil futures settled higher on Monday as fears of possible sanctions on Russian crude has outweighed the concerns of production hike by OPEC+ members. Russia has attacked Ukraine with at least 810 drones and 13 missiles. Reacting to the news, Trump has indicated that he is moving to the second phase of punishing Russia. On the flip side, the OPEC+ has agreed to increase production by 137,000 barrels per day beginning in October. The alliance has been increasing production since April.
Benchmark crude oil futures for October gained $0.39 or 0.63% at $62.26 a barrel on the New York Mercantile Exchange. Brent crude for November delivery rose $0.52 or 0.79% to settle at $66.02 a barrel on London's Intercontinental Exchange.
