Oil prices rise following Putin’s plan of new military move

Oil prices have increased on Monday following President Vladimir Putin’s announcements Russia is to place tactical nuclear weapons in Belarus.

Brent crude futures increased 30 cents, or 0.4 percent, to $75.29 a barrel at 07:00 CLT (09:00 GMT). West Texas Intermediate U.S. crude rose 28 cents, or 0.4 percent at $69.54 a barrel.

UBS analyst Giovanni Staunovo said to Reuters disruptions in financial markets are also influencing oil prices. Staunovo anticipated they would remain volatile in the short-term.

“We continue to expect rising Chinese crude imports and demand, plus lower Russian production,” the analyst predicted.

Alexander Novak, Russia’s Deputy Prime Minister said Moscow is closely approaching its new crude oil production target of 9.5 million bpd. Russia’s crude exports have been severely affected by the European Union trade embargo.