WTI crude oil futures rose to $62.7 per barrel on Monday after a three-day decline, amid geopolitical tensions in Europe and the prospect of fresh EU sanctions against Russia. Reports over the weekend of Russian airstrikes on western Ukraine near the border of Poland, airspace violations in Estonia, and the entry of a Russian military plane in the neutral airspace over the Baltic Sea have raised concerns. Meanwhile, the EU proposed on Friday its 19th package of sanctions against Russia, which includes a ban on Russian LNG imports, as well as restrictions on 118 more shadow vessels and on Chinese and other foreign companies buying Russian oil, in the latest effort to pressure Moscow to end the war in Ukraine. Still, the upside in oil prices was limited by persistent concerns over ample supply and weakening demand. Iraq has ramped up oil exports following the gradual easing of voluntary production cuts under the OPEC+ agreement, adding to supply pressures.
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