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Oil jumps over US$2 as Ukraine mobilises for war

Published on Mar 3, 2014 11:43 AM

SINGAPORE (Reuters) - Brent and US crude oil rallied more than US$2 per barrel to multi-month highs on Monday, lifted by rising tension in Ukraine after Russian President Vladimir Putin declared he had the right to invade his neighbour.

Russia is the world's biggest oil producer and Ukrainian Prime Minister Arseny Yatseniuk said Moscow's move to use military force was a "declaration of war".

Putin secured permission from his parliament on Saturday to use military force to protect Russian citizens in Ukraine and told United States President Barack Obama he had the right to defend Russian interests and nationals, spurning Western pleas not to intervene.

Brent crude hit a session peak of US$111.24 per barrel, its highest since Jan 2, and was up US$1.48 at US$110.55 by 10.08am Singapore time.

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