Oil Rises as Geopolitical Tensions Outweigh Weak Market Signals
- WTI futures flip into contango for first time since February
- US approves Ukrainian long-range missile strikes in Russia
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Oil surged as simmering geopolitical tensions and the weakening dollar overshadowed bearish signals coming from internal market metrics.
West Texas Intermediate rose 3.2% to settle above $69 a barrel after the US gave Ukraine the green light to use long-range missiles inside of Russia, amping up tensions between the warring nations. Crude also tracked equity markets higher, and a weaker dollar made raw materials priced in the currency more attractive. Brent also rose, settling above $73 a barrel.