Crude oil futures ended sharply higher on Monday as Ukraine’s President said he had heard that Russia could invade the country on Wednesday. Russia is one of the world’s largest oil-and-gas producers, and fears that it could invade Ukraine have driven the rally in oil closer to the $100-per-barrel mark. Meanwhile, the OPEC and its allies are struggling to delivery monthly pledges to increase output by 400,000 barrels per day until March.
Benchmark crude oil futures for March delivery rose $2.36 or 2.5 percent to settle at $95.46 a barrel on the New York Mercantile Exchange. Brent crude for April delivery gained $2.04 or 2.2 percent to settle at $96.48 a barrel on London's Intercontinental Exchange.