Oil prices had risen more than 30 per cent this year before Thursday's fateful UK vote. PHOTO: REUTERS
Oil prices climbed about 2% to a four-month high on Monday on expectations that wider US sanctions on Russian oil would force buyers in India and China to seek other suppliers.
Brent futures rose $1.40, or 1.8%, to $81.16 a barrel, while US West Texas Intermediate (WTI) crude rose $2.15, or 2.8%, to $78.72.
That put Brent on track for its highest close since Aug 26 and WTI on track for its highest close since Aug 12, and kept both benchmarks in technically overbought territory. Moreover, with Brent and WTI front-month prices rising around 7% over the past three trading sessions, the premium of front-month contracts over later-dated futures, known as time spreads, soared to their highest in several months.
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