Although concerns about fuel demand in China, oil prices rose slightly on Monday after fighting between Russia and Ukraine intensified over the weekend.

Brent oil futures gained 20 cents, or 0.3%, to $71.24 per barrel at 0130 GMT, while West Texas Intermediate oil futures were at $67.11 per barrel, up 9 cents, or 0.1%. Two American officials said that the administration of President Joe Biden authorized Ukraine to use weapons made in the United States to strike deeply at Russia. Brent and WTI fell by more than 3% last week due to weak Chinese statistics and after the International Energy Agency predicted that global oil supply would exceed demand by more than 1 million barrels per day in 2025, even as OPEC+ maintains its cuts