Oil Holds Gain as Traders Weigh Escalating Geopolitical Tensions - Yahoo Finance

Oil Holds Gain as Traders Weigh Escalating Geopolitical Tensions

(Bloomberg) -- Oil held a gain as investors weighed the potential fallout from rising geopolitical tensions from Yemen to Russia.

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West Texas Intermediate futures traded near $82 a barrel after advancing 1.1% on Monday. Brent crude closed around $86. Houthi militants have ramped up their attacks on ships off Yemen recently, while the BBC reported that Russia has blamed the US for a missile strike on occupied Crimea.

Oil is on track for a monthly gain, with prompt time spreads strengthening in a bullish backwardation structure, signaling tightening supply. Traders will be watching measures of inflation and other economic data this week for clues on the path for monetary policy, which may impact crude prices.

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