Global oil prices rose at the close of trading on Monday, with benchmark Brent crude closing up 1% at $68.15 a barrel, supported by a weaker US dollar and growing concerns about disruptions to Russian supplies as a result of the tit-for-tat airstrikes between Moscow and Kyiv.
West Texas Intermediate crude also rose 1.1% to close at $64.68 a barrel, despite limited trading volumes due to the Labor Day holiday in the United States.
Analysts believe that continued geopolitical tensions, along with a weak dollar, will remain key factors supporting oil prices in the near term, while markets await the OPEC+ meeting and the US labor market report to determine future trends.
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