Brent crude futures rose $1.14, or 1.1%, to $106.29 a barrel by 1029 GMT, extending a 1.9% gain the previous day
U.S. West Texas Intermediate crude futures increased $1.31, or 1.4%, to $98.01 a barrel, having gained 2.1% on Monday.
“The announcement revived fears that Russia, despite its cynical denial, will not shy away from using its energy as a weapon in order to gain concessions in its war against Ukraine and...could probably expect short-term success,” Tamas Varga from oil brokerage PVM said. The U.S. central bank is widely expected to raise interest rates by 75 basis points at the conclusion of its policy meeting on Wednesday. That increase may reduce economic activity and thus impact fuel demand growth.
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