As Russian troops advanced to within 3 miles of the border with Ukraine, tensions increased in the West and as a result oil prices rose on Monday.
The stand-off between Russia and the West over Ukraine only added to supply concerns that have kept oil prices closer to the $100 barrel mark.
U.S. markets were closed for the holiday on Monday but global benchmark Brent crude for April delivery rose 57 cents or 0.61% to settle at $93.54 a barrel in trading on ICE Futures Europe in London.