American officials and sources familiar with the situation announced on Sunday that the administration of President Joe Biden has allowed Ukraine to use American weapons for strikes on Russian territory, which is a significant shift in policy. Futures for WTI rose by nine cents, or 0.1 percent, to $67.11 a barrel. Prices for Brent crude oil increased by 20 cents, or 0.3 percent, to $71.24 a barrel by 01:30 GMT. The oil market today, on Monday, is witnessing a rise due to the escalation of hostilities between Russia and Ukraine at the beginning of the week. However, the risk of a decline in demand for fuel in China - the second largest oil consumer in the world, and expectations of a global oil surplus have impacted the markets.
US Allows Ukraine to Use American-Made Weapons Against Russia
In a significant policy shift, the Biden administration has permitted Ukraine to use American-made weapons to strike deep into Russia. This decision comes amid rising oil prices due to escalating conflict between Russia and Ukraine, balancing concerns over demand in China.
