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Crude Oil Prices Rise Amid Supply Concerns and Global Tensions

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Current Pricing and Trends

  • Summary Marker

    Brent crude trading at $64.85 and WTI at $62.82 per barrel.

  • Summary Marker

    Prices rose approximately 3% on Monday due to escalating concerns.

Geopolitical Influences

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    Escalation in Russia-Ukraine tensions expected to impact oil targets.

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    Iran's potential rejection of a U.S. nuclear proposal could lead to continued sanctions.

Production Disruptions

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    Alberta wildfires have shut down nearly 350,000 barrels of daily production.

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    This accounts for about 7% of Alberta's production capacity.

Market Reactions

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    Expectations of a larger OPEC+ output hike not being met led to increased prices.

  • Summary Marker

    The weaker U.S. dollar contributed positively to oil market sentiment.