Oil rises as tight market looks to Russian-Western diplomacy | Reuters

Oil rises as tight market looks to Russian-Western diplomacy | Reuters

Oil prices rose on Monday as fresh diplomatic efforts to resolve the Ukraine crisis provided some relief from supply concerns that have kept oil prices near $100 a barrel.

Brent crude futures were up 41 cents, or 0.4%, at $93.95 a barrel at 1225 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 49 cents, or 0.5%, to $91.56 a barrel.

French President Emmanuel Macron said on Monday that U.S. President Joe Biden and Russian President Vladimir Putin have agreed in principle to a summit over Ukraine, but the Kremlin said there were no immediate plans for a meeting. read more

U.S. markets will be closed on Monday for the Presidents Day holiday.