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Commodities

Oil rises as Russia-West stand-off alarms tight market

Brent, WTI futures up around 3%

A view of the PES Refinery in Philadelphia, Pennsylvania, U.S.   © Reuters

LONDON/HOUSTON (Reuters) -- Oil prices rose on Monday over the stand-off between Russia and the West over Ukraine, adding to supply concerns that have kept oil prices near $100 a barrel.

Brent crude futures jumped $2.74, or 2.91%, to $96.28 a barrel by 2 p.m. ET (1910 GMT). U.S. West Texas Intermediate (WTI) crude futures rose $2.79, or 3,06%, to $93.86 a barrel at 1915 GMT.

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