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Oil prices rise on supply concerns
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Economy News _ Baghdad
Oil prices rose on Monday, as growing concerns about tight global supply as the crisis in Ukraine deepened, raising the possibility of the West imposing tougher sanctions on top exporter Russia.
Brent crude futures rose $1.16, or 1.4 percent, at $112.86 a barrel by 04:30 GMT, and West Texas Intermediate crude futures rose $1.06, or 0.99 percent, to $108.01 a barrel.
EU governments said last week that the bloc's executive body was working on proposals to ban Russian crude, but diplomats said Germany was not actively supporting an immediate ban.
Those comments came before the escalation of tensions in the Ukraine crisis, and showed no signs of a ceasefire.
The International Energy Agency has warned that about three million barrels per day of Russian oil could be shut down from May onwards due to sanctions, or buyers voluntarily avoid Russian shipments.
Last Friday, the Russian Interfax news agency reported that Russian oil production continued to decline in April, down 7.5% in the first half of the month from March.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies in the group known as OPEC+, which includes Russia, rejected Western pressure to raise production at a faster pace under a previously agreed agreement to boost supplies.
An OPEC report last week showed that OPEC production in March rose by only 57,000 barrels to 28.56 million barrels per day, missing the 253,000 barrels per day increase allowed for OPEC under the OPEC+ agreement.
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