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Oil rises on geopolitical risks

Oil rose on Monday as a supply shortage and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year.

Brent crude had risen 66 cents, or 0.7%, to $90.69 a barrel by 1005 GMT. The front-month contract for March delivery expires later in the day. The most-active Brent contract, for April delivery , was trading at $88.98, up 46 cents, or 0.5%.

U.S. West Texas Intermediate crude rose 51 cents, or 0.6%, to $87.33 a barrel.

PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s shares are listed on the London AIM and Dublin ESM Markets.

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